News
Pensions are constantly evolving and there may be changes that affect your membership. Therefore, it’s important to keep up to date with what’s happening. Here, we seek to provide you with news which is particularly relevant to you.
PIC completes c.£400 million buy-in for Amey OS Pension Scheme
In December 2022, we completed a ‘buy-in’ with the Pension Insurance Corporation plc (‘PIC’), a specialist insurer of defined benefit pension funds.
A buy-in is when a pension scheme purchases an insurance policy, which guarantees the insurer will provide the money needed to pay pensions for its members. To help fund the buy-in, the Company agreed to advance contributions in excess of £47m to the scheme, without which the transaction would not have been possible.
As a result of this approximately £400 million buy-in, PIC will pay current and future pensions for our nearly 3,500 members. This is a big step towards further reducing risk for the scheme and enhancing the security of your benefits.
You can read more about PIC and the buy-in on the full press release.
