PIC unveils streamlined solution for small pension schemes

Pension Insurance Corporation plc (PIC) has launched a streamlined service called Mosaic, for small pension schemes looking to complete a buyout.

According to the announcement, Mosaic will offer price monitoring as well as standard processes and contracts to give schemes a straightforward, efficient way of securing their members’ benefits with PIC.

At the same time, the service also includes dedicated resource through all stages of the transaction and postbuyout transition.

It has been confirmed that Mosaic will be offered to schemes with assets of less than £100 million.

With the ongoing rise seen in gilt yields over the past two years, there is said to around 800 small schemes which are more than 100% funded on a buyout basis.

Additionally, typical bulk annuity market volumes are in the order of 200 deals a year of all sizes, with 250 deals being completed in 2023.

“We are delighted to launch Mosaic. We are keen to continue providing insurance for the whole of the market. By making the buyout process more straightforward and efficient, whilst establishing dedicated resources to maintain our customer service offering, Mosaic will provide additional capacity to the smaller end of the market and give schemes an additional attractive option to achieve their objectives in the buyout market,” commented Mitul Magudia, Chief Origination Officer at PIC.

PIC recently completed an £870 million full buy-in of the De Beers UK Pension Scheme.

In March, PIC also completed a full scheme buy-in with the Trustee of the 2013 Next Group Pension Plan for £510 million.

The post PIC unveils streamlined solution for small pension schemes appeared first on ReinsuranceNe.ws.

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