Pension Insurance Corporation completes £60m buy‑in for Bodycote UK Pension Scheme, securing benefits for 680 members

Pension Insurance Corporation plc (PIC), a specialist insurer of defined‑benefit pension schemes, has finalised a £60 million buy‑in covering the entire Bodycote UK Pension Scheme. The transaction secures the accrued benefits of all 680 scheme members, providing them with the certainty of a long‑term, insurer‑backed income stream. Bodycote plc, a global provider of specialist thermal processing se

Sector: Insurance | Confidence: 96%
Source: https://www.reinsurancene.ws/pic-completes-60m-buy-in-to-secure-benefits-for-bodycote-uk-pension-scheme/

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Council (5 models): The £60 million buy‑in removes Bodycote’s defined‑benefit liability, improving its credit profile and freeing capital for core operations, while channeling premium into PIC’s long‑term demographic risk pool and reshaping insurance asset allocation. This deal mirrors a wider UK shift toward pension risk‑transfer mechanisms driven by regulatory focus on solvency. The balance‑sheet relief stabilises Bodycote’s workforce finances, sustaining labour availability and supporting ongoing upgrades of its thermal‑processing infrastructure.
Cross-sector: Finance, Real Infrastructure, Electronic Labour

  ? How does Bodycote allocate the capital freed by the pension liability transfer?
  ? What is the scale of PIC’s recent pension buy‑in activity and how does it affect its risk exposure and capital requirements?
  ? Are other UK manufacturers pursuing similar pension de‑risking strategies?

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