Pension Insurance Corporation
MNOPF completes £1.6bn buy-in with PIC
The trustees of the £3bn Merchant Navy Officers Pension Fund (MNOPF) have secured £1.6bn of members’ pension benefits through a buy-in transaction with Pension Insurance Corporation (PIC).
PIC posts record year for bulk annuities
Pension Insurance Corporation (PIC) insured £7.2bn of scheme liabilities over the course of 2019, recording more new business than in any year prior.
Five stories you may have missed this week
This week’s top stories include an article about women remaining at risk of running out of money in retirement, and one about Buck winning 36 additional client contracts since launching as an independent business last year.
PIC converts Scottish Hydro-Electric Pension Scheme longevity swap into £750m buy-in
Pension Insurance Corporation (PIC) has agreed a £750m bulk annuity transaction, converting a pensioner longevity swap held by the Scottish Hydro Electric Pension Scheme (SHEPS) into a buy-in.
PIC invests further £40m in housing association
Pension Insurance Corporation (PIC) has boosted its investment in social housing with a £40m further allocation to Soha Housing.
Buy now while stocks last: Risk reduction ramps up
As the risk reduction market gets busier and busier, Jonathan Stapleton says preparations must become more comprehensive for schemes to gain a foothold.
Bulk annuity market breaks yet another record with £17bn of first half deals
Around £17.5bn of buy-ins and buyouts were transacted in the first half of the year as market records continue to tumble.
British American Tobacco scheme completes £3.4bn buy-in with PIC
The British American Tobacco (BAT) UK Pension Fund has completed a £3.4bn buy-in with Pension Insurance Corporation (PIC), the largest buy-in transaction including pensioner and deferred members.
PIC invests £100m in East Midlands Housing Group
Pension Insurance Corporation (PIC) is investing £100m of debt funding in East Midlands Housing (EMH) Group.
PIC invests £40m in housing association
Pension Insurance Corporation (PIC) has invested £40m in debt issued by Scottish Borders-based Eildon Housing Association.
PIC to raise debt capital to back booming bulk annuity business
Pension Insurance Corporation (PIC) has announced plans to raise further debt capital in order to support business growth in a burgeoning bulk annuity market.
PIC signs £5.8bn of bulk annuity business in H1
Pension Insurance Corporation (PIC) has so far racked up £5.8bn of buyouts and buy-ins with defined benefit schemes this year, while reinsuring £7bn of longevity risk, it has revealed.
M&S completes £1.4bn buy-ins with Phoenix and PIC
The Marks and Spencer Pension Scheme has completed buy-in deals worth £1.4bn with two insurers, mirroring similar transactions last year.
Green up to 'old tricks' over plans to halve Arcadia pension funding, warn MPs
The Work and Pensions Committee (WPC) has criticised Arcadia's proposals to halve the deficit recovery contributions of its pension schemes as part of a company restructure.
PIC invests £40m in Northamptonshire housing
Pension Insurance Corporation (PIC) has entered into a £40m agreement with Greatwell Homes to support the development of 600 affordable homes in Northamptonshire.
Dresdner Kleinwort Pension Plan agrees £1.2bn buy-in; Deal covers hybrid benefits
The trustees of the Dresdner Kleinwort Pension Plan have completed a full £1.2bn buy-in with Pension Insurance Corporation - covering the scheme's £900m final salary section as well as a £300m money purchase section.
PIC invests £65m in affordable homes
Pension Insurance Corporation (PIC) has entered a £65m agreement with Livin Housing to develop affordable housing in County Durham.
FTSE 100 buyouts 'could boom to £300bn' over next decade
The volume of insured buyouts from FTSE 100 defined benefit (DB) schemes could increase from £5bn to £300bn by 2029, according to Lane Clark & Peacock (LCP).
PIC posts £7.1bn of bulk annuity deals in 2018 taking nearly a third of the market
Pension Insurance Corporation's (PIC) bulk annuity business transacted £7.1bn of buy-ins and buyouts over the course of 2018, its annual results reveal.
Co-op enters £425m buy-in in PIC's first deal of 2019
The Co-operative Group's Somerfield Pension Scheme has completed a buy-in with Pension Insurance Corporation (PIC), insuring the benefits of its pensioner members.
PIC invests £125m in Exeter university accommodation
Pension Insurance Corporation (PIC) has boosted its investment in student accommodation in a £125m further allocation to the University of Exeter.
PIC agrees £1.2bn longevity reinsurance deal with SCOR
Pension Insurance Corporation (PIC) has reinsured £1.2bn of its longevity risk with French company SCOR, the second deal between the two insurance companies.
Rentokil Initial agrees £1.5bn buy-in with PIC ahead of 2020 buyout
The Rentokil Initial 2015 Pension Scheme has secured a buy-in covering 14,200 members in a £1.5bn deal with Pension Insurance Corporation (PIC).
AMP launches second year of female actuarial mentoring scheme
The Actuarial Mentoring Programme (AMP) has launched its second year of providing support and guidance to female professionals with an 80% increase in participating organisations.
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