PIC Completes £150 Million Pensioner Buy-in

London, 2 November 2016 – Pension Insurance Corporation (“PIC”), a specialist insurer of defined benefit pension funds, has concluded a £150 million pension insurance buy-in with the Trustees of an unnamed pension scheme. This is one of 10 transactions PIC has concluded since the EU referendum covering around £1 billion of liabilities, including the recently announced £250 million buy-in with the Smiths Industries Pension Scheme.

Jay Shah, Head of Business Origination at PIC, said: “Whilst many pension schemes have seen deficits rise, the case for investing in a buy-in remains compelling. Trustees who have taken steps over a period of time to match assets and liabilities are able to continue with their long-term, de-risking programmes in spite of falling gilt yields and market volatility. As a consequence, we have seen high levels of interest from pension scheme trustees since the EU referendum. Our strong flow of new business shows that bulk annuities continue to be a favoured de-risking route.”

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Notes to Editors:

For further information please contact:

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

Teneo Blue Rubicon                     
Anthony Silverman         
+44 (0)20 7260 2700
anthony.silverman@teneostrategy.com

About Pension Insurance Corporation Pension Insurance Corporation plc ("PIC") provides tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension funds. PIC brings safety and security to scheme members' benefits through innovative, bespoke insurance solutions, which include deferred premiums and the use of company assets as part payment. At 30 June 2016, PIC had £18.4bn in assets and had insured more than 130,000 pension fund members. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and PRA (FRN 454345). For further information please visit www.pensioncorporation.com

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