Pension Insurance Corporation (PIC), the specialist insurer of defined benefit pension schemes, has concluded a £155m buy-in with the NG Bailey Pension and Life Assurance Plan.
NG Bailey is the UK’s largest independent engineering and infrastructure services provider.
Founded in 1921, it has grown to become an industry-leading business, working across a variety of sectors within the building and infrastructure industry.
“The trustee and its advisors were clear on their objectives and well prepared, enabling a smooth and quick transaction,” said Deepash Amin, head of new business strategy at PIC. “Member outcomes were a key priority for the trustee.”
XPS acted as transaction advisor to the trustee and EY acted as transaction advisor to NG Bailey.
The plan received legal advice from Walker Morris and Stephenson Harwood acted for the company. PIC received legal advice from Slaughter and May.
At half year 2025, PIC had insured 399,200 pension scheme members and had £51.5bn in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension schemes.
As of 30 June 2025, PIC had made total pension payments of £17.8bn to its policyholders and had invested more than £14.6bn in the UK economy.
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