PIC Insures £3.4 Billion of the British American Tobacco UK Pension Fund

2 August 2019

The Pension Insurance Corporation publishes on its website:

“London, 1 August 2019 – Pension Insurance Corporation plc (“PIC”), a specialist insurer of defined benefit pension funds, has concluded a pension insurance buy-in with the Trustee of the British American Tobacco UK Pension Fund (the “Fund”), insuring £3.4 billion of liabilities.

The agreement secures the benefits of 10,600 members (8,300 pensioners and 2,300 non- pensioners), providing long-term certainty and security. It is the third largest transaction in the UK to date and is the largest ever transaction including both pensioner and deferred members.

The Fund has total liabilities of £4 billion, including a residual section open to ongoing accrual. The Trustee was advised by LCP, who acted as lead transaction adviser and advised the Trustee on strategic journey planning, transaction structuring and negotiated and executed the transaction. Linklaters provided legal advice to the Trustee and PIC was advised by Herbert Smith Freehills.”

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