PIC is a founding signatory to the Sustainability Principles Charter for the Bulk Purchase Annuity Process

Pension Insurance Corporation plc ('PIC'), a specialist insurer of defined benefit pension funds, is one of the founding signatories of the Sustainability Principles Charter for the Bulk Purchase Annuity ('BPA') process.

Sustainability is fundamental to the delivery of our purpose to pay the pensions of our policyholders now and for decades to come. Our sustainability strategy complements our corporate strategic objectives to continue building a secure and sustainable business and carry on leading as a responsible corporate citizen.

Sustainability is fundamental to the delivery of our purpose to pay the pensions of our policyholders now and for decades to come. Our sustainability strategy complements our corporate strategic objectives to continue building a secure and sustainable business and carry on leading as a responsible corporate citizen.

Cléo Fitzsimons, Head of Sustainability at PIC said, “PIC is proud to be considered as a  founding signatory to the Sustainability Principles Charter for the BPA process. We believe that this charter will help promote transparency and raise the standards of sustainability that pension schemes can expect from their risk transfer partner. We also believe that the charter will simplify reporting throughout the BPA process given its focus on the Matching Adjustment assets that directly back pension scheme liabilities.”

Mitul Magudia, Co-Chief Origination Officer at PIC said, “Signing the Charter is important to us at PIC, because holding ourselves to the highest standards is fundamental to the way we do business. A good example of that is the care we take with policyholders in vulnerable circumstances, where we go well beyond the FCA’s Consumer Duty compliance requirements. We will approach the principles of the Charter with similar rigour.”  

The four key principles of the Charter are:

1. Transparency: Transparency of values, principles and investment beliefs in relation to sustainability, as well as ongoing commitments that may guide future policy and practice affecting sustainability approaches
2. Decision making: Evidence and understanding of how sustainability considerations are incorporated into investment analysis and decision-making processes, and investment stewardship activity
3. Reporting and Engagement: Ongoing reporting and engagement to key stakeholders on sustainability commitments beyond the point of transaction
4. Collaboration: Commitment to ongoing engagement across the pension sector as responsible investment best practice evolves.

For more information on the Charter visit: www.accountingforsustainability.org/sustainability-principles-charter.html