PIC finalises £25m buy-in of the Financial Services Compensation Scheme
- July 7, 2025
- Posted by: Taylor Mixides
- Category: Insurance
Pension Insurance Corporation plc (PIC), an insurer of defined benefit pension schemes, has finalised a £25 million full buy-in of the FSCS Pension Scheme, sponsored by the Financial Services Compensation Scheme (FSCS), the UK’s statutory compensation body for authorised financial services firms.
This transaction secures the benefits of all 154 scheme members, including 37 pensioners and 117 deferred members.
Giles Payne at Capital Cranfield, Chair of the Trustees, added: “Broadstone and Arc guided us expertly through the issues raised which meant we could confidently transact, safe in the knowledge nothing was left to chance.
“We are pleased to have secured this deal with PIC and are grateful for their engagement in the process along with the support of the Employer and the advisers involved.”
The buy-in was made possible after the Scheme’s funding position improved and asset de-risking measures were implemented.
As a result, the transaction was completed without requiring additional contributions from the Employer.
Richard Quintian, Head of Pricing and Funded Reinsurance at PIC, commented: “We are proud to have completed a buy-in for the FSCS Pension Scheme, helping the Trustees with their goal of providing their members with long-term security for their pensions. Being well prepared when approaching a busy market allowed the Trustees and their advisers to complete the process in an efficient and timely manner.”
Christopher Rice, Deal Lead and Scheme Actuary at Broadstone, said: “The Trustees and Employer understood the importance of thorough preparation before approaching the market and this led to a competitive process.
“We’re delighted to have led the Trustees through this process, securing an excellent price with PIC, meeting the Trustee’s and Employer’s objectives and securing the pensions of all its Scheme members.”
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