The UK’s Pension Insurance Corporation (PIC) has completed its first buy-in transaction within Mosaic – its streamlined service for pension schemes with assets under £100m – with the General Council of the Bar (GCB) Pension and Life Assurance Fund covering the benefits of 103 members.
The £20m (€24m) buy-in was completed and signed within 10 weeks of PIC receiving the fund data, PIC announced.
Mosaic was launched by PIC in April 2024 to offer price monitoring and standardised processes and contracts to give small schemes a straightforward, efficient way of securing their members’ benefits with PIC.
The service includes dedicated resources to support schemes through all stages of the transaction and post-buyout transition, it added.
PIC said it expects to complete one further transaction with a different sponsor under Mosaic by year-end.
Malcom Cree, chief executive officer of the GCB, said: “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.”
Pavan Bhardwaj, chair of trustees for the fund, acknowledged that this was a “significant step” for the scheme, which “will enhance the security of all members’ benefits and remove uncertainty for the GCB”.
Bhardwaj said that PIC’s Mosaic framework allowed the scheme to work through the process “efficiently” as sole corporate trustee to capitalise on an improved funding position and achieve an excellent result for members.
Louise Nash, senior origination actuary at PIC, noted that Mosaic is an “innovative offering” providing capacity and bringing efficiencies in a market segment where demand for streamlined risk transfer options is increasing.
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