PIC to insure retirement benefits scheme of FFB
Published:28-April-2009
By Datamonitor staff writer
Relevant current and future pensioners of the scheme will be issued individual insurance policies by the company
Pension Insurance Corporation, a provider of risk management services to defined benefit pension funds, has announced that it is to insure the retirement benefits scheme of Food from Britain.
Food from Britain (FFB) was a food industry export promotion agency, primarily funded by the Department for Environmental Food and Rural Affairs, and is currently being wound up.
Pension Insurance Corporation (PIC) claimed that it has insured the benefits of around 35,000 pension fund members over the past 12 months.
Edmund Truell, CEO of PIC, said: "We are delighted to have concluded our second insurance transaction of 2009 and expect to close others in the near future. In what is clearly a difficult period, Pension Insurance Corporation remains well placed to provide risk transfer services to the trustees and sponsors of defined benefit pension funds."
Pension Corporation removes pension risks from the trustees and sponsors of defined benefit pension funds. As a market leader, it is the counterparty to risks ranging from full pension insurance buyout to longevity risk insurance, sponsor stewardship and asset-liability management. Established in 2006 by the Truell Charitable Foundation, the Group now provides increased levels of security and stability for fund members through Pension Insurance Corporation, an FSA authorised and regulated insurance company; and Pension Corporation Investments LP Inc.
