About Us
Trustees
Policyholders
Purposeful investments
Investors
New & insight
PIC, a specialist insurer of defined benefit pension schemes, is pleased to announce its award-winning Build-to-Rent development, New Vic, in central Manchester, is fully let, ahead of schedule.
New Vic comprises 520 high-quality homes across two towers of 20 and 25-storeys respectively, offering over 17,000 square feet of resident amenities and more than 6,000 square feet of commercial space. New Vic is PIC’s first Build-to-Rent project to be let, repurposing a key area adjacent to Manchester Victoria train station into a vibrant, pet-friendly residential community. The rental cashflows it produces will help underpin the company’s pension payments to its policyholders over future decades.
Sam Winnard, Head of Build-to-Rent Operations at Pension Insurance Corporation, said: “We’re delighted that New Vic has proven so popular and already creating a real sense of community. Over 100 5* Google Reviews have been received from residents, including one comment which said New Vic was the best place the reviewer had lived in Manchester. That’s a real accolade for the team who put in so much effort to make our residents welcome, put on events for them to meet others and make new connections. We really are starting to create a vertical village.”
PIC’s future pipeline of properties to rent will be made available on the 'Homes by PIC' platform. These include 306 apartments at Arbour in Milton Keynes and 278 homes at The Wiltern in West London, and 667 homes at One Eastside in Birmingham, from 2025.
- ends -
For further information please contact:
PIC
Clive Booth
+44 (0)7780 599247
boothc@pensioncorporation.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
