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.