Bluespring Wealth operates as Kestra Financial’s RIA aggregator and wealth management firm-acquisition business. Credit: Constantin Wenning on Unsplash.

Pension Insurance Corporation, PIC, has launched a streamlined service, Mosaic, for small pension schemes looking to complete a buyout.

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

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

In addition, Mosiac has dedicated resources through all stages of the transaction and post-buyout transition. This ensures high level customer service from Mosaic, similar to what a customer would get from PIC.

Mosaic will be offered to schemes with assets of less than £100 million ($124m).

Mitul Magudia, chief origination officer at PIC, said: “We are delighted to launch Mosaic. We are keen to continue providing insurance for the whole of the market. By making the buyout process more straightforward and efficient, whilst 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.”

Earlier this year, PIC completed an £870m ($1.1bn) full buy-in of the De Beers UK Pension Scheme.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The transaction between PIC and De Beers secures the pensions of both deferred and pensioner members of the scheme. This is made up of 1,464 current pensioners and 473 deferred members.

In addition, PIC completed full scheme buy-ins with the trustees of three defined benefit pension schemes formerly sponsored by Thomas Cook Group.

These schemes total £50m and entered PPF assessment in September 2019 following the liquidation of Thomas Cook Group.

The buy-ins secure the liabilities of 520 members across the schemes to receive benefits at, or above Pension Protection Fund (PPF) compensation levels.