PIC concludes £870mn full buy-in of De Beers UK Pension Scheme

Specialist insurer Pension Insurance Corporation plc (PIC), has completed an £870 million full buy-in of the De Beers UK Pension Scheme.

The bulk annuity transaction for the scheme, which is sponsored by diamond company De Beers UK, has fully secured the pensions of 1,464 current pensioners and 473 deferred members.

De Beers Group was founded in 1888. It has expertise in diamond exploration, mining, grading, marketing and retail. Together with its joint venture partners it employs more than 20,000 people throughout the world.

Mike Page, Chair of Trustees for the Scheme, said: “This buy-in is the result of many years of hard work as we pursued a long-term de-risking strategy.”

Page also thanked his fellow Trustees and professional advisers, Hymans Robertson, Barnett Waddingham and Linklaters for their role throughout the process in scoping and executing the transaction.

He added: “PIC was selected for its flexibility and ability to complete the transaction in volatile markets, as well as its overall track record, including a deep-seated commitment to customer care.”

Tristan Walker-Buckton, Co-Head of Origination at PIC, commented: “PIC is proud to have worked with the Trustees of the De Beers UK Pension Scheme to de-risk the Scheme, removing the risk associated with the Scheme from the Company’s balance sheet, and providing security to all their members for the long-term. 2024 has started strongly in the pension risk transfer market and we expect another record-breaking year.”

PIC was advised by CMS Cameron McKenna Nabarro Olswang LLP and the De Beers Trustees were advised by Linklaters LLP.

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