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Pensions

PIC insures dock workers scheme

PIC insures dock workers scheme

Mark Dunne
Thursday 30th November 2017

The Pension Insurance Corporation (PIC) has completed a £725m buy-in of the Former Registered Dock Workers Pension Fund.

The deal completely removes all risk from the pension scheme’s liabilities.

The fund is a multi-employer pension scheme covering dock workers and ex-dock workers who have worked for ports and shipping organisations across the UK.

This is a good time to de-risk as pricing has improved on lower longevity expectations and rising competition among insurers.

Unusually, the deal was funded by the scheme’s assets without needing further contributions from the sponsors.

Trustee chair Ian Forrest said the deal secures full benefits for all of the fund’s members.

PIC’s head of origination structuring, Uzma Nazir, added that the fund was in a good position having spent several years de-risking its assets.

“We were able to accept the fund’s assets as payment of the premium, which gave the trustee certainty on price,” Nazir said.

“We were also happy to offer the trustee flexibility where needed and a commitment to outstanding policyholder care, which is something we at PIC pride ourselves on.”

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