UK-based pension schemes specialist insurer PIC has executed its first full scheme buy-in under Mosaic, a service tailored for pension schemes with assets below £100m ($125.7m).
The deal, valued at £20m, secures the benefits of 103 members of the General Council of the Bar (GCB) Pension and Life Assurance Fund.
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This was reached within a ten-week period from the initial receipt of the Fund’s data.
Launched in April 2024, Mosaic is PIC’s initiative to provide small pension schemes with a simplified to secure their members’ benefits.
The service offers standardised processes, contracts, and price monitoring, designed to streamline the buy-in and buyout experience.
Mosaic extends resources to assist schemes throughout the transaction and ensures a smooth transition post-buyout, maintaining the customer service standards associated with PIC.
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By GlobalDataPIC anticipates finalising another transaction under Mosaic before the end of the year with a different sponsor.
GCB CEO Malcom Cree said: “The General Council of the Bar is pleased to have supported the Trustee in securing this buy-in policy, which demonstrates our commitment to the Fund and members’ security.
“This transaction is a major step in our cooperative approach with the Trustee to reduce risk over the years. We would like to acknowledge the hard work of PIC, the Trustee and all the advisers for their effective teamwork in completing the transaction.”
PIC senior origination Actuary Louise Nash stated: “We’re delighted to have concluded this deal with the General Counsel of the Bar Fund, our first within the Mosaic framework.
“We look forward to working with the Trustee to provide the members of the Fund with a smooth transition to becoming PIC policyholders. Mosaic is an innovative offering which provides capacity and brings efficiencies in a market segment where demand for streamlined risk transfer options is increasing.”
This follows PIC’s £370m buy-in with the Hays Pension Scheme earlier this month, which covers 853 pensioners and dependents, along with 3,368 deferred members.
