The Scheme had enough money to provide benefits at or above the level that the PPF would provide, so we were able to secure a buy-out with the insurance company, Pension Insurance Corporation plc (PIC), instead of the PPF assuming responsibility for the Scheme.
Find out more about buy-outs and how they work at MoneyHelper.
The purpose of PIC is to pay the pensions of policyholders. PIC is a specialist insurance company and a leader in the provision of annuities, in bulk, to the members of defined benefit pension schemes. They pride themselves on the quality of their customer service and are acknowledged as a leading company in the UK in this regard. PIC has insured the benefits of more than 300,000 pension scheme members and has a portfolio of approximately £41 billion to back future pension payments. Their past clients include Cadbury, Rentokil, M&S, the Co-Op, BHS, Kingfisher and WPP.
PIC offers a high degree of security and is an insurer that’s amongst the UK’s largest and most secure financial organisations. In a buy-out, you have a contract with them in which they guarantee to pay your benefits.
You can read more about PIC at pensioncorporation.com
The buy-out completed on 1 August 2023.
The transition to PIC began in mid-2023 and completed on 1 August 2023. From this date, PIC took over full responsibility for paying benefits.
PIC are now responsible for paying benefits. So, for any transactions or information about your options – retiring in the near future, transferring your benefits to another pension arrangement or converting your benefits into a one-off cash payment for example, you should get in touch with PIC. They will be able to provide you with more information about your options and a retirement quote if you request one.
No. This is not permitted either by the Scheme Rules or by the law.
PIC - now the buy-out with PIC is completed, they will pay the pensions of current and future policyholders. You can find out more about this specialist insurance company that’s amongst the UK’s largest and most secure financial organisations at www.pensioncorporation.com/
MoneyHelper - MoneyHelper offers a broad range of financial guidance and support: you can access free, impartial help about money matters and your pension, find a local financial adviser and use a range of handy calculators and tools www.moneyhelper.org.uk.
Need to update your personal details or have any questions about your benefits? Contact Pension Insurance Corporation:
If you moved over to the new British Steel Pension Scheme in March 2018 you can find all the information about your scheme here: www.bspspensions.com
