PIC completes £2bn Sainsburys pension buy-in

Pension Insurance Corporation today announced it has completed a £2 billion buy-in with the Trustee of the Sainsbury’s Pension Scheme, covering liabilities of the UK defined benefit arrangement. The transaction adds to the insurer’s growing portfolio of large corporate pension risk transfer deals in 2023.

The buy-in was executed by Pension Insurance Corporation plc, described as a specialist insurer of UK defined benefit pension schemes. The Sainsbury’s Pension Scheme involved in the transaction is a UK defined benefit pension scheme, aligning with PIC’s focus on this segment of the market.

PIC said its purpose is to pay the pensions of its current and future policyholders, framing the Sainsbury’s buy-in within a long-term liability management strategy. The insurer provides tailored pension insurance buyouts and buy-ins to trustees and sponsors of UK defined benefit schemes, combining risk transfer with asset and liability management capabilities.