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PIC completes £213m buy-in for Siemens Healthineers UK Benefits Scheme

The deal secures pension benefits for 703 pensioners and 967 deferred members and dependants. 

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Pension Insurance Corporation (PIC) completed a £213m full buy-in with the trustees of the Siemens Healthineers UK Benefits Scheme. 

The deal secures pension benefits for 703 pensioners and 967 deferred members and dependants. 

Legal advice was provided to the trustees by Pinsent Masons. Herbert Smith Freehills Kramer advised PIC.

Ann Rigby, chair of trustees at Siemens Healthineers UK Benefits Scheme, said: “We’re delighted to have completed this deal with PIC, securing for the long-term the pension benefits of our members in the UK. 

“A key selection criterion for our Scheme was to preserve the options currently available to our members with our chosen insurer. 

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“Retaining these options is a significant advantage for our members.” 

Rigby added: “PIC’s focus on policyholder experience and outcomes fully aligned with this objective, giving the comfort that our members will continue to receive these hugely valued options at retirement.”

Adam Dann, senior origination actuary at PIC, said: “We’re pleased to have secured this transaction with Siemens Healthineers. 

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“Having the flexibility to accommodate clear, precise requests from trustees of schemes of all sizes is something we’re proud to be able to do and in this particular transaction, it was the key to success.”

Matt Cook, associate partner at Aon, said: “This transaction is a great example of what can be achieved through clear objectives, strong governance, and early engagement with insurers. 

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“This project was focused on delivering certainty for the Trustees and preserving bespoke member options. 

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“PIC’s collaborative approach helped to achieve both and enabled us to support the Trustees throughout this important transaction.”

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