PIC concludes first full scheme-buy in with Mosaic

Pension Insurance Corporation (PIC), the specialist insurer of defined benefit pension schemes, has concluded its first full scheme buy-in with Mosaic.

Mosaic is PIC’s streamlined service for pension schemes with assets under £100 million.

According to the announcement, the £20 million transaction covers the benefits of 103 members of the General Council of the Bar GCB Pension and Life Assurance Fund.

It has also been confirmed that the buy-in was completed and signed within 10 weeks of PIC receiving the Fund data.

For those unaware, PIC launched Mosaic in April 2024 to offer price monitoring and standardised processes and contracts, in order to give small schemes an efficient way of securing their members’ benefits with PIC.

The service includes resources that help support schemes through all stages of the transaction and post-buyout transition,

It’s worth noting that PIC expects to complete one further transaction with a different sponsor under Mosaic by year end.

“The General Council of the Bar is pleased to have supported the Trustee in securing this buy-in policy, which demonstrates our commitment to the Fund and members’ security. This transaction is a major step in our cooperative approach with the Trustee to reduce risk over the years. We would like to acknowledge the hard work of PIC, the Trustee and all the advisers for their effective teamwork in completing the transaction,” commented Malcom Cree, Chief Executive of the GCB.

“We are very pleased to have completed a full scheme buy-in for the Fund, a significant step, which will enhance the security of all members’ benefits and remove uncertainty for the GCB. PIC’s Mosaic framework allowed us to work through the process efficiently as sole corporate trustee in order to capitalise on an improved funding position and achieve an excellent result for members,” said Pavan Bhardwaj, Chair of Trustees for the Fund.

“We’re delighted to have concluded this deal with the General Counsel of the Bar Fund, our first within the Mosaic framework. We look forward to working with the Trustee to provide the members of the Fund with a smooth transition to becoming PIC policyholders. Mosaic is an innovative offering which provides capacity and brings efficiencies in a market segment where demand for streamlined risk transfer options is increasing,” added Louise Nash, Senior Origination Actuary at PIC.

“As Scheme Actuary to the Fund it has been a pleasure to help the XPS Risk Settlement team conclude the first ever Mosaic transaction. It’s a great deal for all stakeholders and I am particularly pleased for members who matter above all else,” noted Matt Plail, Partner at XPS Pensions Group.

“The framework enables a professional and efficient process evidenced by the short time frame taken to transaction. We look forward to seeing more clients benefiting from Mosaic in the near future,” commented Dave Barratt, from XPS Risk Settlement.

“As advisers to the GCB, we are delighted to have worked with the Trustee to achieve such a successful outcome for the long-term security of the members’ benefits. The collaborative approach demonstrated by the Trustee and Company together with competitive pricing and Mosaic process delivered by PIC meant that the Fund was able to achieve this important milestone within a set timeframe,” said Andrew Simpson, Risk Transfer Partner at Mercer.

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