About Us
Trustees
Policyholders
Purposeful investments
Investors
New & insight
Paying the pensions of our current and future policyholders - all former members of UK defined benefit schemes - is our purpose.
Our whole business is built on managing risk to ensure that we are able to pay policyholder pensions for decades to come. Our privately sourced assets are invested in areas like social housing, renewable energy and urban regeneration, because these investments will provide the long-term cashflows to pay your pension when it falls due.
There are two main types of pension insurance. A buyout and a buy-in. Following a buyout, agreed by the trustees of your pension scheme, the scheme’s assets are transferred to us. We then become responsible for paying your pension and you become a policyholder of PIC. A buy-in typically covers a specific section of the pension scheme, as determined by the trustees. We have built our business by specialising in insuring the pension benefits of defined benefit pension schemes. Everything we do is designed to provide pensions for our policyholders.
Your pension is safer with us because we remove all risk – you are guaranteed to receive your full benefits
We publicly commit to exceptional service
Our investments help make the economy greener, provide social housing, regenerate our cities, support our universities and benefit future generations
Your pension is more secure once you are a PIC policyholder. Unlike your former pension scheme, we operate within a strict regulatory regime which is overseen and enforced by the Bank of England. This regime means that we must protect your pension with a significant financial buffer, known as regulatory capital. The regime is designed to ensure that we hold sufficient assets to withstand extreme financial events and are still able to pay the pensions of all our policyholders.
We’re authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. These organisations require us to regularly report on our financial strength. They make sure that all UK regulated insurance companies keep their policyholder’s security and best interests at the heart of their decision making.
You can find more information at www.bankofengland.co.uk/PRA and www.fca.org.uk
We put our policyholders first and we back your pension with a purposeful investment strategy. This means we align long-term pension commitments with long-term assets. So as well as paying pensions, our investments are making the economy greener, providing social housing and regenerating our cities. They help create jobs, support communities and benefit future generations.
At PIC, our policyholders receive extremely high levels of customer service and our close partnership and oversight with our administrators ensures complaints are low. We’re one of the few companies in the country that hold the Institute of Customer Service ServiceMark with Distinction. This benchmarking is against a variety of companies from different industries in the UK and measures how satisfied our customers are.
policyholders insured*
* as at 30 June, 2024
** as at Dec 31, 2023
of calls answered within 30 seconds**
average call answer time over the year**
Once your pension moves to the PIC administration team, you can expect all of the following:
