PIC invests in the Church of England Pensions Board’s bond

Pension Insurance Corporation (“PIC”), a specialist insurer of defined benefit pension funds, has concluded a £70 million investment in secured debt issued by CHARM Finance Plc, to fund retirement housing in the CHARM (Church’s Housing Assistance for the Retired Ministry) scheme. This scheme, provided by the Church of England Pensions Board (“CEPB”), offers subsidised retirement housing for clergy in the Church of England. The investment is linked to CPI and secured against a portfolio of residential assets. PIC is the sole investor.

Allen Twyning, Head of Debt Origination at Pension Insurance Corporation, said: “This is a high credit quality investment with the funding coming from the CEPB. We are pleased to have been able to work with the members of the team to reach financial close.

“The Church of England’s Pensions Board is widening the pool of high quality homes in its CHARM scheme to meet future demand. PIC is a provider of long term capital and has invested in a number of infrastructure and social housing programmes. We are therefore well placed to support the CEPB as it re-shapes its subsidised housing model. We look forward to a close working relationship.”

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Notes to Editors:

For further information please contact:

Pension Insurance Corporation
Jeremy Apfel
+44 20 7105 2140
apfel@pensioncorporation.com