A London pension insurer, now part of Athora, that pays the pensions of nearly 450,000 UK policyholders from company pension schemes.
Pension Insurance Corporation, known as PIC, is a specialist insurer of UK defined benefit pension schemes. When a company wants to hand its pension promises to an insurer, PIC provides buy-ins and buy-outs so members keep receiving their pensions. Its clients include FTSE 100 companies, multinationals and public sector bodies. At half year 2023, PIC said it had insured 339,900 pension scheme members and held £44.9 billion in financial investments, and had made total pension payments of almost £12 billion. By the time of the Athora announcement in 2026 the number had grown to nearly 450,000 policyholders. These are company-reported figures.
Its stated purpose is "to pay the pensions of its current and future policyholders". It aims to give secure retirement incomes through risk management, asset and liability management and customer service. In its 2022 results it reported 302,200 members insured and a 99.6% customer satisfaction level, and said 89% of employees were proud to work there. These are company claims. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA, which means its people work within a tightly regulated industry. In 2022 it paid £1.76 billion in pensions and £10.6 billion since 2013, according to its results release, which gives a sense of the scale of what its customer-service and operations teams support.
PIC was founded in 2006 and its headquarters is at 14 Cornhill in the City of London. Athora completed its acquisition of PIC in March 2026. PIC keeps its name and operates as Athora's UK insurance business, and Athora and PIC together employ 800 people in London. PIC says it now serves nearly 450,000 policyholders and has paid more than £19 billion in pensions.
The 2022 results said PIC was awarded Investors in People silver accreditation and that its mean gender pay gap was 10.2%, down from 18.4% in 2021. Tracy Blackwell was chief executive at that time, and Dom Veney is described as interim chief executive in 2026.
PIC employs people in areas such as investments, actuarial work, risk, finance, operations and customer services. A Built In London profile listed 551 employees. Athora plans to move its group headquarters to the UK by late 2027, subject to approvals, so the UK role of this business is growing. Athora's announcement said PIC will have access to more long-term growth capital and asset origination, particularly in private investment grade credit, to expand its capacity to serve pension risk transfer clients. For staff that suggests growth in investment and pension risk transfer teams. Athora also said it plans to move its corporate and legal headquarters from Bermuda to the UK by late 2027, subject to regulatory approvals, with a new plc incorporated in England and Wales as holding company, so the group is putting more of its centre of gravity in London.
Website: www.pensioncorporation.com
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