PIC concludes £35m buy-in with ABRSM pension scheme

Pension Insurance Corporation said it has concluded a £35m full buy-in with the Associated Board of the Royal Schools of Music Pension Scheme, with the premium funding an insurance policy held as an asset of the scheme. The transaction secures the benefits of all 253 members.

The deal covers the scheme’s entire pension liabilities under a full buy-in structure. Capital Cranfield Pension Trustees Limited acted as trustee, represented by professional trustee John Bannister. LCP was the lead transaction adviser to the trustee and used its streamlined buy-in service, which simplifies execution for smaller schemes through pre-agreed terms.

Advisers on the transaction also included CMS Cameron McKenna Nabarro Olswang for Pension Insurance Corporation, with Gowling WLG and Sackers providing legal advice to the trustee, alongside Broadstone. In a statement, Joshua Lenz, origination actuary at Pension Insurance Corporation, said the trustee had focused on customer service for members.

For smaller pension schemes, pre-agreed terms can reduce execution friction by narrowing documentation and process points before pricing is finalised. Matthew Bleakley of LCP said the pension risk transfer market was highly competitive this year and that well-prepared schemes of all sizes could secure attractive pricing.

Pension Insurance Corporation, a specialist insurer of defined benefit pension schemes, had insured 438,000 pension scheme members and held £54.8bn in financial investments at full-year 2025, built through buy-ins and buyouts. At 31 December 2025, Pension Insurance Corporation had made total pension payments of £19.3bn to policyholders and invested more than £15bn in the UK economy.

--- Sources: https://www.pensioncorporation.com/news-insights/press-releases/2026/pic-strikes-right-chord-abrsm-pension-scheme