Pension Insurance

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.

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

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

• Pension risk transfer
• Bulk annuity insurance
• Defined benefit pensions
• Buy-in buyout insurance
• Pension liability insurance

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. 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.
2. 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

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core 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

Named customers14 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core.

• Verda Living RP LimitedcoreStrategic or Co-development Partner · 15 April 2026PIC 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.
• HabikocoreStrategic or Co-development PartnerHabiko 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.
• MusecoreStrategic or Co-development PartnerDevelopment 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 EnglandcoreStrategic or Co-development PartnerGovernment-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

Direct 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

• Xx.com/pensioncorp
• LinkedInlinkedin.com/company/pension-corporation

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Subsidiaries3 records

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pension Insurance