PIC COMPLETES £725M PENSION DEAL

Pension Insurance Corp (PIC) has completed a £725m deal with the trustee of the Dock Workers Pension Fund. The “buy-in” transaction sees pension liabilities of the former dock workers’ pension fund transferred to PIC. Lane Clark and Peacock, the lead adviser for the transaction, said that the fund was able to capitalise on improved pricing, due to lower longevity expectations and increased insurer competition. Uzma Nazir, head of origination structuring at PIC, said: “The Fund was in a good position having de-risked the assets over several years. We were able to accept the fund’s assets as payment of the premium, which gave the trustee certainty on price.”