The Pension Insurance Corporation.

The PIC (Pension Insurance Corporation), is a UK based insuring company, specialising in securing the liabilities of Defined Benefit pension schemes.

At year-end 2016, we had £22.6bn of assets and insured 134,900 pension fund members.

https://www.pensioncorporation.com/

What it does, is to take over the pension responsibility from companies.

So, a company is divested of all responsibility for supporting its pension fund. The pension fund is typically wound up and the trustees discharged, the assets pass across to PIC, which becomes responsible for paying pensions and pension fund members from the company become PIC policyholders following transition period

Thus de-risking the company of its pension liabilities and risks, but also then allowing the company to focus on its core business and passing in responsibility of its pension fund and pensions to the PIC.

 

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