Pension Insurance Corporation Completes £60M Buy-In for Bodycote Scheme. Pension Insurance Corporation plc has successfully completed a £60 million buy-in arrangement with the Bodycote UK Pension Scheme, securing retirement benefits for all 680 scheme members. This transaction represents a significant milestone in pension risk transfer, with PIC taking on the liability of paying benefits to members. The swift completion demonstrates the efficiency of specialized pension insurers in navigating complex transactions. Bodycote, a global provider of thermal processing services across aerospace, automotive, energy, and defence sectors, worked with trustees and advisers to execute this arrangement. The buy-in provides long-term security for pension members while transferring longevity and investment risk to PIC, a specialist insurer focused on defined benefit pension schemes.
