Pension Insurance
Pension Insurance Corporation is a UK specialist insurer providing buy-in and buyout insurance to trustees of defined benefit pension schemes. It manages a £54.8 billion investment portfolio, insures 324 pension schemes covering 438,000 policyholders, and operates as Athora Group's UK insurance business following its March 2026 acquisition.
- Company typePrivate
- Founded1995
- HeadquartersLondon, United Kingdom
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What Pension Insurance does
Pension Insurance Corporation (PIC) is a UK specialist insurer founded in 1995 that provides pension risk transfer solutions — buy-in and buyout insurance policies — to trustees and corporate sponsors of defined benefit pension schemes. The company has completed 320+ scheme transactions ranging from £10 million to £6.2 billion in size, currently insures 324 pension schemes covering 438,000 policyholders, and has paid out £19.3 billion in pensions since 2013. Notable transactions include the £6.2 billion RSA Group buy-in, £2 billion Old British Steel buyout, and £1.6 billion Merchant Navy Officers' Pension Fund buy-in. Headquartered in London with 705 employees, PIC operates under PRA and FCA regulation with a 257% solvency ratio and A+ Fitch rating.
PIC's core technology centers on an approved Solvency II internal model for risk and capital management, TCFD-aligned climate risk assessment frameworks, and proprietary investment management systems. The £54.8 billion investment portfolio is managed under a "Purposeful Investments" strategy that channels capital into UK social housing (£2.8 billion), student accommodation (£2.4 billion), renewable energy, Build-to-Rent real estate, and infrastructure to match long-duration pension liabilities with secure, inflation-linked cashflows. The Member Zone online portal provides policyholder self-service for the 438,000 individual policyholders.
Revenue is generated primarily through one-time insurance premiums on buy-in and buyout transactions (£6.8 billion in PRT new business volumes in 2025), supplemented by investment returns on the premium-funded portfolio over multi-decade horizons. Distribution is exclusively direct enterprise sales to trustees and sponsors, with bespoke transaction-specific pricing rather than standardized tiers. Following the March 2026 acquisition by Athora Group for £5.7 billion, PIC operates as Athora's UK insurance business within a group managing €139 billion in AUM across 3.1 million policyholders. Strategic expansion includes Verda Living (for-profit registered provider of social housing), Habiko (affordable homes JV with Muse and Homes England targeting 3,000 homes over 12 years), and a growing Build-to-Rent portfolio under the Homes by PIC brand.
Pension Insurance firmographics
Firmographics- Name
- Pension Insurance
- Legal name
- Pension Insurance Corporation plc
- Website
- https://pensioncorporation.com
- Company type
- Private
- Founded year
- 1995
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Pension Insurance Corporation is a UK specialist insurer providing buy-in and buyout insurance to trustees of defined benefit pension schemes. It manages a £54.8 billion investment portfolio, insures 324 pension schemes covering 438,000 policyholders, and operates as Athora Group's UK insurance business following its March 2026 acquisition.
- Ownership category
- akta.pro rank
Pension Insurance industry classification
Industry- Product category
- Pension Insurance (Bulk Annuity / Pension Risk Transfer)
- NAICS
- Direct Life, Health, and Medical Insurance Carriers (52411), Insurance Carriers (5241)
- SIC
- Life Insurance (6311)
- akta.pro primary industry
- Liability-Driven Investment (LDI) & Pension Risk Transfer (PRT) Asset Management (FSAAAGAI)
Keywords
Where Pension Insurance is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices3 records
Markets served
Pension Insurance business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Supply Chain
Revenue model
- Pension Risk Transfer Insurance Premiums: PIC generates revenue through insurance premiums received for providing buy-in and buyout policies to trustees. Premiums are calculated based on the membership profile, benefits secured, and longevity risk transferred. This represents the primary revenue stream for the specialist insurer.
- Investment Returns on Portfolio: PIC invests premiums received (typically in gilts and cash) in investment-grade corporate debt, UK government debt, infrastructure, real estate, and sustainable assets to generate returns that fund pension payments over decades.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | One-time premium payment | Transaction-specific bespoke pricing based on pension scheme risk profile |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Pension Insurance product offering
Product offeringCore offering
Pension Insurance Corporation (PIC) is a specialist UK insurer that provides tailored pension risk transfer solutions — buy-in and buyout insurance policies — to trustees and corporate sponsors of UK defined benefit pension schemes. Buy-ins cover some or all of a scheme's future pension payments while trustees retain administration, and buyouts fully transfer liabilities enabling scheme wind-up with PIC issuing individual policies to members. PIC backs these long-dated insurance commitments with a £54.8 billion investment portfolio managed under its 'Purposeful Investments' strategy focused on secure, income-generating assets.
Product overview
Pension Insurance Corporation (PIC) is a specialist UK insurer providing tailored pension insurance buy-ins and buy-outs to trustees and sponsors of UK defined benefit pension schemes. The company operates as a single unified product offering focused on pension risk transfer, where trustees can transfer longevity, inflation and investment risks through either a buy-in (partial coverage held as scheme asset) or buy-out (full scheme coverage with individual policy issuance). PIC backs these insurance commitments with a £54.8 billion investment portfolio managed under its 'Purposeful Investments' strategy, which channels capital into social housing, renewable energy, Build-to-Rent real estate, and infrastructure projects. The company also operates the Member Zone online portal for policyholder self-service. Following the March 2026 acquisition by Athora Group for £5.7 billion, PIC continues operating under its existing brand as Athora's UK insurance business.
Differentiator
Problem solved
Functional benefit
Brands
- Verda Living: For-profit registered provider of social and affordable housing registered with the Regulator of Social Housing.
- Habiko
- Homes by PIC
- Mosaic
Products and services
- Pension Insurance Buy-ins Insurance policy bought by trustees to cover some or all of a defined benefit pension scheme's future pension payments. Held as an asset of the scheme while trustees retain administration responsibilities. Designed for trustees and corporate sponsors of UK defined benefit pension schemes seeking partial or staged de-risking.
- Pension Insurance Buy-outs Insurance policy that covers all of a defined benefit pension scheme's future pension payments, enabling full scheme wind-up. PIC issues individual policies directly to scheme members and assumes all ongoing administration responsibilities. Used by trustees and sponsors to fully remove pension risk from the scheme and balance sheet.
- Purposeful Investments PIC's investment strategy managing the £54.8 billion portfolio backing its pension liabilities, focused on social housing, renewable energy, urban regeneration, and Build-to-Rent real estate to generate secure, long-dated cashflows matching pension payment obligations. Used by investors and stakeholders to understand how PIC's assets support policyholder security.
- Member Zone Online policyholder portal enabling insured pension scheme members to access their pension information, update personal details, and communicate with PIC. Used by the 438,000 individual policyholders whose benefits have been insured by PIC through buy-in and buyout transactions.
Quantifiable outcome
- 99% policyholder satisfaction rate
- +3 more outcomes
Companies that use Pension Insurance
Customer profileNamed customers14 records
Segments3 records
Ideal customer profiles3 records
Pension Insurance technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Pension Insurance partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core.
- Verda Living RP LimitedcorePIC completed registration of Verda Living as a for-profit registered provider (FPRP) of social and affordable housing following approval from the Regulator of Social Housing. This subsidiary enables PIC to directly own and manage social housing assets.
- HabikocoreHabiko is an affordable homes partnership between PIC, Muse, and Homes England. The partnership aims to deliver 3,000 affordable and sustainable homes across England over 12 years. PIC provides investment capital while Muse handles development and Homes England supports with government backing.
- MusecoreDevelopment partner in the Habiko affordable housing joint venture. Muse brings development expertise and project management capabilities to deliver the 3,000 affordable homes target across England.
- Homes EnglandcoreGovernment-backed housing agency partner in the Habiko affordable housing initiative. Homes England provides strategic support and potential government backing for affordable housing developments.
Scale indicators16 records
Recent moves8 records
Expansion highlights6 records
Pension Insurance competitors and assessment
Company assessmentDirect peers
- Aviva: Aviva writes bulk annuity PRT business in the UK through its Life & Pensions division, offering the same buy-in/buyout solutions to DB scheme trustees and competing head-to-head with PIC on larger deals.
- Just Group: Just Group is a UK specialist retirement and bulk annuity provider writing PRT business for DB pension schemes, competing directly with PIC in the same trustee market with comparable transaction sizes.
- Rothesay Life: Rothesay Life is a specialist UK PRT insurer solely focused on DB pension scheme bulk annuities, making it the closest pure-play comparable to PIC in terms of business model and target customer base.
- Phoenix Group: Phoenix Group operates a significant UK bulk annuity / PRT business alongside its closed life fund consolidation strategy, competing with PIC for new scheme transactions and serving similar trustee clients.
- Legal & General: Legal & General is the largest UK bulk annuity / PRT writer through its Legal & General Retirement (LGR) division, directly competing with PIC for the same trustee customers on buy-in and buyout transactions of comparable scale.
Broad incumbents
- Canada Life (UK): Canada Life UK underwrites bulk annuity PRT transactions alongside its wider life and pensions portfolio, providing overlapping capabilities to PIC and competing for trustee mandates.
- Scottish Widows: Scottish Widows (Lloyds Banking Group) writes UK life, pensions and bulk annuity business, representing an incumbent competitor for DB scheme risk transfer mandates in addition to broader individual pensions.
- Standard Life: Standard Life (part of Phoenix Group) is a broader UK life and pensions provider with a growing retirement solutions and bulk annuity capability; PIC's incoming CEO Mike Eakins joins from Standard Life, underscoring the direct competitive overlap.
Emerging players
- M&G plc: M&G is building a UK bulk annuity capability through its Prudential heritage, positioning itself as an emerging PRT writer that overlaps with PIC's trustee customer base as it scales new business volumes.
Others
- Athora Group: Athora is PIC's parent company following the March 2026 acquisition and operates European life and PRT platforms in Germany, Italy and the Netherlands; PIC now sits within Athora's broader European retirement strategy.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Pension Insurance social profiles
Digital presencePension Insurance compliance and trust
Trust signalCompliance2 records
Pension Insurance financial estimates
Financial estimateRevenue estimate
Valuation estimate
Pension Insurance leadership team
Management profileNumber of profiles
Profiles20 records
Pension Insurance subsidiaries and ownership
Company hierarchySubsidiaries3 records
Pension Insurance funding detail
Funding detailFunding overview
Funding rounds2 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Pension Insurance M&A and investment
M&A and investmentM&A
Investments4 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Pension Insurance
What does Pension Insurance do?
Pension Insurance Corporation (PIC) is a specialist UK insurer that provides tailored pension risk transfer solutions — buy-in and buyout insurance policies — to trustees and corporate sponsors of UK defined benefit pension schemes. Buy-ins cover some or all of a scheme's future pension payments while trustees retain administration, and buyouts fully transfer liabilities enabling scheme wind-up with PIC issuing individual policies to members. PIC backs these long-dated insurance commitments with a £54.8 billion investment portfolio managed under its 'Purposeful Investments' strategy focused on secure, income-generating assets.
Is Pension Insurance a public or private company?
Pension Insurance is a private company. It is classified as corporate owned and is currently operating.
When was Pension Insurance founded?
Pension Insurance was founded in 1995. It employs 501 to 1,000 people.
Where is Pension Insurance based?
Pension Insurance is headquartered in London, United Kingdom, in the Europe region.
How does Pension Insurance make money?
Two revenue lines are on record. Pension Risk Transfer Insurance Premiums are the primary driver. The others are investment Returns on Portfolio.
Who are Pension Insurance's main competitors?
Direct peers on record are Aviva, Just Group, Rothesay Life, Phoenix Group and Legal & General. Broad incumbents are Canada Life (UK), Scottish Widows and Standard Life. M&G plc is listed as an emerging player. Athora Group is listed as an others.
Does Pension Insurance have an API?
No public API is recorded for Pension Insurance.
What industry is Pension Insurance in?
Pension Insurance's product category is Pension Insurance (Bulk Annuity / Pension Risk Transfer). Its primary akta.pro industry code is FSAAAGAI, Liability-Driven Investment (LDI) & Pension Risk Transfer (PRT) Asset Management. Its NAICS code is 52411 and its SIC code is 6311.