Pension Insurance Corporation PLC PIC signs £900m M&S buy-in, and trading update (8783Z)
23 5월 2019 - 5:00PM
UK Regulatory
TIDM37PB
RNS Number : 8783Z
Pension Insurance Corporation PLC
23 May 2019
PIC INSURES c.GBP900 MILLION OF THE
MARKS & SPENCER PENSION SCHEME
London, 23 May 2019 - Pension Insurance Corporation plc ("PIC"),
a specialist insurer of defined benefit pension funds, has
concluded a pension insurance buy-in with the Trustee of the Marks
& Spencer Pension Scheme (the "Scheme"), insuring c.GBP900
million of pensioner liabilities. The Scheme has total liabilities
of GBP10 billion. The Trustee was advised in this transaction by
LCP, with legal advice provided by Linklaters. PIC was advised by
CMS.
So far this year PIC has written GBP2.5 billion of new business
with the trustees of defined benefit pension schemes, insuring the
benefits of 16,000 pension scheme members. The company has a strong
pipeline of new business with more than GBP40 billion of pension
scheme liabilities looking to transact. PIC has also completed
GBP3.1 billion of longevity reinsurance, bringing the total
reinsured since the start of 2018 to almost GBP9 billion.
Marks & Spencer is one of the UK's leading retailers. The
company is a constituent of the FTSE 100.
Graham Oakley, Chair of the Marks and Spencer Pension Trust,
comments: "We're pleased to announce the purchase of our first
buy-in policy with Pension Insurance Corporation, which provides an
important contribution to the Trustee's ongoing objective of
reducing the longevity risk in the scheme to increase the security
of all members' pensions."
Uzma Nazir, Head of Origination Structuring at PIC, said: "We
are proud to have been able to complete this buy-in with the
Trustee, despite Brexit-related market volatility. The Trustee is
clearly very experienced at working with insurers and we are
delighted to partner with it."
- Ends -
Notes to Editors:
For further information please contact:
Pension Insurance Corporation
Jeremy Apfel
+44 20 7105 2140
apfel@pensioncorporation.com
Teneo
Anthony Silverman
+44 (0)20 3757 9231
anthony.silverman@teneobluerubicon.com
About Pension Insurance Corporation
The purpose of Pension Insurance Corporation plc ("PIC") is to
pay the pensions of its current and future policyholders. PIC
provides secure and stable retirement incomes through leading
customer service, comprehensive risk management and excellence in
asset and liability management. At year-end 2018, PIC had insured
192,100 pension scheme members and had GBP31.4 billion in financial
investments, accumulated through the provision of tailored pension
insurance buyouts and buy-ins to the trustees and sponsors of U.K.
defined benefit pension schemes. 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
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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May 23, 2019 04:00 ET (08:00 GMT)
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