Pension Insurance Corporation, PIC, has launched a streamlined service, Mosaic, for small pension schemes looking to complete a buyout.
Mosaic offers price monitoring as well as standard processes and contracts to give schemes a straightforward way to securing their members’ benefits with PIC.
In addition, Mosiac has dedicated resources through all stages of the transaction and post-buyout transition. This ensures high level customer service from Mosaic, similar to what a customer would get from PIC.
Mosaic will be offered to schemes with assets of less than £100 million ($124m).
Mitul Magudia, chief origination officer at PIC, said: “We are delighted to launch Mosaic. We are keen to continue providing insurance for the whole of the market. By making the buyout process more straightforward and efficient, whilst establishing dedicated resources to maintain our customer service offering, Mosaic will provide additional capacity to the smaller end of the market and give schemes an additional attractive option to achieve their objectives in the buyout market.”
Earlier this year, PIC completed an £870m ($1.1bn) full buy-in of the De Beers UK Pension Scheme.
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The transaction between PIC and De Beers secures the pensions of both deferred and pensioner members of the scheme. This is made up of 1,464 current pensioners and 473 deferred members.
These schemes total £50m and entered PPF assessment in September 2019 following the liquidation of Thomas Cook Group.
The buy-ins secure the liabilities of 520 members across the schemes to receive benefits at, or above Pension Protection Fund (PPF) compensation levels.
