PIC offers defined benefit scheme trustees option to transfer Defined Contributions & AVC’s into SEI’s Master Trust

PIC, a specialist insurer of defined benefit pension schemes, has entered into a strategic partnership with SEI® to allow trustees the ability to transfer Defined Contribution ('DC') pension benefits and Additional Voluntary Contributions ('AVC') into the SEI Master Trust in bulk, as part of their buyout arrangements.

For the trustees of Defined Benefit ('DB') schemes considering buyout this collaboration is important. It gives DB scheme members who also have DC pension arrangements and AVC’s the opportunity to access the SEI Master Trust, with its market-leading investment default fund and broad array of investment options, before entering the buyout arrangement.

Traditionally, DB pension scheme members may look to exchange some of their guaranteed pension income in order to take a tax-free pension commencement lump sum as well as a lower guaranteed pension income.

Founded in 1968, SEI is a global provider of solutions across investment processing, operations, and investment management. As of September 30, 2024, SEI manages, advises, or administers approximately US $1.6 trillion in assets. Employing approximately 5,000 employees, SEI is headquartered in Oaks, Pennsylvania, US, and has offices around the world, including London.

Matt Richards, Head of Origination Structuring at PIC, said: “This new partnership between PIC and SEI allows the trustees of DB schemes looking to enter into a buyout the ability to offer their members improved outcomes. We are very pleased with the outcome and look forward to continuing to work closely with SEI on this exciting partnership.”

Steve Charlton, SEI Managing Director, DC and Solutions, EMEA and Asia, said: “I’m delighted to launch our strategic partnership with PIC, as we work together to deliver stability to members and help build their confidence that their financial futures are secure. In joining forces I believe we have an opportunity to further our commitment to the institutional market and shape member outcomes for the better.”

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Notes to Editors:

For further information please contact:

PIC                                                    
Clive Booth    
+44 (0) 7780 599247 
boothc@pensioncorporation.com

Apella Advisors
Arne Wysny   
+44 (0) 7818 497469
PIC@apellaadvisors.com

About PIC
The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. At half year 2024, PIC had insured 348,600 pension scheme members and had £47.7 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension schemes. At 30 June 2024, PIC had made total pension payments of £14.9 billion to its policyholders and had invested more than £13 billion in the UK economy, creating considerable social value. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit www.pensioncorporation.com

About SEI^®
SEI (NASDAQ:SEIC) delivers technology and investment solutions that connect the financial services industry. With capabilities across investment processing, operations, and asset management, SEI works with corporations, financial institutions and professionals, and ultra-high-net-worth families to help drive growth, make confident decisions, and protect futures. As of Sept. 30, 2024, SEI manages, advises, or administers approximately $1.6 trillion in assets. For more information, visit seic.com.

About the SEI Master Trust
The SEI Master Trust provides an end-to-end solution for employers delivering DC schemes. An independently assured DC provision, the SEI Master Trust encompasses investment management, member communications and administration. SEI’s U.K. institutional business was established 25 years ago. Overseen by more than 125 in-house investment experts - and with its global scale and 17-year track record as one of the first commercial U.K. master trusts - the SEI Master Trust offers customised solutions and a complete member journey, guiding members to and through retirement.