PIC secures buy-in of Westminster Abbey Pension Scheme for £25 million

29 December 2023

PIC a specialist insurer of defined benefit pension funds, has concluded a £25 million full scheme buy-in with the Trustees of the Westminster Abbey 1972 Retirement and Death Benefits Scheme (the Scheme). The buy-in insures the pension liabilities for 125 pensioners and 107 deferred members who were employees of Westminster Abbey.

This is PIC’s second transaction with a part of the Church of England. In 2015 PIC invested in a long-term £70 million bond issued by the Church of England Pensions Board’ charitable arm, to fund retirement housing for retired clergy.

John O’Brien, Chair of Trustees, the Westminster Abbey Pension Scheme, said: “It is a great achievement to reach this significant milestone. This is the culmination of many years of hard work by trustees past and present, which would not have been possible without the Abbey’s diligent support of the Scheme. We would also like to thank our advisers Barnett Waddingham and Pinsent Masons for their leadership through the Scheme’s journey to this stage, and to Pension Insurance Corporation for working with the Trustees to achieve this buy-in transaction.”

Paul Baumann, Receiver General at Westminster Abbey, said: “We are delighted that the Scheme has been able to reach this agreement with Pension Insurance Corporation. It is a very positive outcome. Members’ benefits remain safe, and this is a simpler way of managing this pension fund. We are pleased to have worked closely with the Trustees and their advisers to support the Scheme to complete this transaction.”

Jay Shah, Chief Origination Officer at PIC, said: “PIC is delighted to have worked with the Trustees of the Westminster Abbey Pension Scheme. As many much larger schemes are also seeking to de-risk at this time being able to demonstrate PIC has the flexibility and adaptability to accommodate all sizes of transaction, is most gratifying.”

Source: PIC