PIC has completed its second buy-in with the Trustee of both the C&J Clark Pension Fund – CJC Section and Flexible Section for £540m ($677m).
It follows the fund’s first buy-in for £280m in 2022.
Furthermore, PIC has now insured all £820m of the Clarks’ fund’s defined benefit liabilities. The latest buy-in secures the pensions of almost 5,000 pensioners and dependants and over 3,000 deferred policyholders.
Libby Edwards, Chair of the Fund, said: “We’re delighted to have completed this transaction with PIC, which secures the long-term security of all our members’ benefits. Our experience of PIC’s customer service following the previous transaction meant choosing to work with them again was an easy decision.”
Philip Yau, Chief Financial Officer at Clarks, continued: “We are pleased to achieve our long-standing ambition to fully buy-in the C&J Clark Pension Fund which is a major step in fully securing members’ benefits at the same time as eliminating pension related balance sheet volatility. We would like to thank the Fund Trustee and the support of all the advisers for their hard work in achieving this milestone.”
Deepash Amin, Head of New Business Strategy at PIC, added: “It is always rewarding to complete repeat business with clients who have had first-hand experience of our exceptional customer service. We are delighted to have extended our relationship with the Fund and its members. It has been a pleasure working with the Trustees and their advisers to secure this transaction.”
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By GlobalDataMichael Abramson, Partner at Hymans and lead adviser to the Trustee, stated: “The buy-in represents a positive step in the management of the Fund as part of the good work of the Trustee in continuing to implement its de-risking strategy for the members with support from the Company. The key to success was early engagement with the insurers, setting out a clear set of objectives so that the Trustee was able select the right partner for their members.”
Isio led the advice to the company with legal advice from Burges Salmon. The trustee received legal advice from Travers Smith, investment advice from WTW and covenant advice from Penfida. PIC was advised by CMS.
At the end of 2025, PIC 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.
