Pension Insurance Corporation (PIC) has launched a streamlined service for small defined benefit (DB) schemes in the UK looking to complete a buyout.

The service, called Mosaic, offers price monitoring as well as standard processes and contracts to give schemes a straightforward, efficient way of securing their members’ benefits with PIC.

It includes a dedicated resource through all stages of the transaction and post-buyout transition, ensuring high levels of customer service, in line with PIC’s standard service.

Mosaic will be offered to schemes with assets of less than £100m.

Chief origination officer Mitul Magudia said that PIC is “keen” to continue providing insurance for the whole market.

He said: “By making the buyout process more straightforward and efficient, while establishing dedicated resources to maintain our customer service offering, Mosaic will provide additional capacity to the smaller end of the market and give schemes an additional attractive option to achieve their objectives in the buyout market.”

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