Pension Insurance Corporation Concludes £40 Million Buy-In with Institution of Mechanical Engineers Pension Scheme

The Institution of Mechanical Engineers Pension Scheme has successfully completed a £40 million buy-in with Pension Insurance Corporation (PIC), covering the pensions of all 200 scheme members. This milestone was achieved through the joint efforts of the scheme's Trustees, their advisers, and PIC. The scheme, which has over 115,000 members worldwide, will benefit from PIC's comprehensive risk management and exceptional customer service. This transaction marks a significant achievement for the scheme and reinforces PIC's position as a specialist insurer of defined benefit pension schemes.

Key Takeaways:

• The Institution of Mechanical Engineers Pension Scheme has concluded a £40 million buy-in with Pension Insurance Corporation, covering the pensions of all 200 scheme members.
• PIC, a specialist insurer of defined benefit pension schemes, has insured 400,000 pension scheme members and has a portfolio of £50.9 billion.
• The scheme has benefited from PIC's comprehensive risk management and exceptional customer service, ensuring the security of members' retirement incomes.
• The transaction marks a significant milestone for the scheme, achieved through the collaboration of the scheme's Trustees, their advisers, and PIC.
• The scheme, with over 115,000 members worldwide, will continue to receive guidance and support from PIC to ensure the smooth transition of the buy-in transaction.
• The partnership between PIC and the scheme's Trustees demonstrates a commitment to providing secure retirement incomes and exceptional customer service.

Statistics:

• £40 million: the value of the buy-in transaction between PIC and the Institution of Mechanical Engineers Pension Scheme.
• 400,000: the number of pension scheme members insured by PIC.
• £50.9 billion: the value of PIC's portfolio, accumulated through the provision of tailored pension insurance buyouts and buy-ins.
• £16.2 billion: the total pension payments made by PIC to its policyholders.
• 13.8 billion: the amount invested by PIC in UK private investments, including housing and infrastructure, creating considerable social value.
• 200: the number of scheme members covered by the £40 million buy-in transaction.

Sources:

• Pension Insurance Corporation plc press release, dated July 24.
• Institution of Mechanical Engineers Pension Scheme information.
• Contify.com, Copyright 2017.