{"id":1526,"date":"2025-07-24T10:30:23","date_gmt":"2025-07-24T10:30:23","guid":{"rendered":"http:\/\/www.xinetica.com\/?p=1526"},"modified":"2025-07-24T14:28:40","modified_gmt":"2025-07-24T14:28:40","slug":"pic-secures-40m-buy-in-for-institution-of-mechanical-engineers-pension-scheme","status":"publish","type":"post","link":"http:\/\/www.xinetica.com\/index.php\/2025\/07\/24\/pic-secures-40m-buy-in-for-institution-of-mechanical-engineers-pension-scheme\/","title":{"rendered":"PIC secures \u00a340m buy-in for Institution of Mechanical Engineers Pension Scheme"},"content":{"rendered":"

Pension Insurance Corporation plc (PIC), a specialist insurer focused on defined benefit pension schemes, has completed a \u00a340 million buy-in with the Institution of Mechanical Engineers Pension Scheme, with the transaction securing the pensions of all 200 members of the Scheme.<\/p>\n

\"\"The Institution of Mechanical Engineers represents over 115,000 members across 140 countries, supporting their professional growth through ongoing development opportunities.<\/p>\n

Isobel Pollock-Hulf OBE, Chair of Trustees, commented: “It is a great achievement to reach this significant milestone. This is the culmination of many years of hard work by Trustees past and present, which would not have been possible without the Institution\u2019s diligent support of the Scheme.<\/p>\n

“We would also like to thank our advisers Barnett Waddingham and Sackers for their leadership through the Scheme\u2019s journey to this stage, and Pension Insurance Corporation for working with the Trustees to achieve this buy-in transaction.”<\/p>\n

Matt Garside, President at the Institution of Mechanical Engineers, said: “We are delighted that the Scheme has been able to reach this agreement with Pension Insurance Corporation. It is a very positive outcome. Members\u2019 benefits remain safe, and this is a simpler way of managing this pension scheme, allowing the Institution to focus on its strategy and purpose. We are pleased to have worked closely with the Trustees and their advisers to support the Scheme to complete this transaction.”<\/p>\n

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Richard Quintian, Head of Pricing and Funded Reinsurance at PIC, added: “PIC is delighted to have worked with the Trustees of the Institution of Mechanical Engineers Pension Scheme. We look forward to collaborating with them to provide the members of the Scheme with a smooth transition to becoming PIC policyholders. PIC has the capacity to serve the smaller end of the market and give schemes an additional attractive option to achieve their objectives in the buyout market.”<\/p>\n

Nikhil Patel, Risk Transfer Partner at Barnett Waddingham, said: “We are delighted to have led this transaction, successfully navigating an exceptionally busy risk transfer market. The Scheme is one of BW\u2019s longstanding clients, and our team has worked with the Trustees over many years to help make their goal of insuring all benefits a reality.<\/p>\n

“We worked closely with the Trustees to ensure the Scheme was well-placed to obtain competitive proposals from insurers and also with the Joint Working Group to ensure that all stakeholders were suitably engaged throughout.”<\/p>\n

Barnett Waddingham provided actuarial, administration, investment, and risk transfer advice to the Scheme\u2019s Trustees. Legal support for the Trustees was handled by Sackers, while PIC received legal counsel from CMS.<\/p>\n

The post PIC secures \u00a340m buy-in for Institution of Mechanical Engineers Pension Scheme<\/a> appeared first on ReinsuranceNe.ws<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pension Insurance Corporation plc (PIC), a specialist insurer focused on defined benefit pension schemes, has completed a \u00a340 million buy-in […]<\/p>\n","protected":false},"author":1,"featured_media":1528,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[14],"tags":[],"_links":{"self":[{"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/posts\/1526"}],"collection":[{"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/comments?post=1526"}],"version-history":[{"count":3,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/posts\/1526\/revisions"}],"predecessor-version":[{"id":1530,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/posts\/1526\/revisions\/1530"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/media\/1528"}],"wp:attachment":[{"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/media?parent=1526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/categories?post=1526"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/tags?post=1526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}