Royal Society of Chemistry scheme completes £83m full buy-in with PIC
The transaction secures the benefits of all 468 members of the scheme.
The transaction secures the benefits of all 468 members of the scheme.
UK longevity reinsurance and structured settlements drove the growth; total spread of 97bps came in under the 100–120bps range.
The disclosure adds execution detail to a transaction completed in May 2026, including how the price was locked between agreement and settlement.
The full buy-in covers around 540 pensioners and 1,050 deferred members; the trustee signed the bulk annuity contract on 15 July.
The £760m buy-in with M&G is the fifth and final transaction for the Smiths Industries Pension Scheme, covering all remaining members.
Insurer capacity is put at up to £70bn; reaching the top of the range would beat the £49.1bn record set in 2023.
The buy-in covers 36,000 members and insures the last remaining defined benefit liabilities Rolls-Royce backs in the UK.
The full-scheme buy-in secures benefits for more than 500 pensioner and deferred members of an unnamed oil and gas scheme.
The Royal London policy insures the scheme's financial and demographic risks apart from post-buy-in adjustments, and was announced on 30 June.
By IAN Editorial Desk PIC today announced a £2.8bn bulk annuity tranche for the BT pension scheme.