Barnett Waddingham expands administration partnership with PIC

Barnett Waddingham has expanded its partnership with Pension Insurance Corporation (PIC) by taking on full administration services for two of PIC’s pension schemes, which are moving to full buyout. 

The schemes include the Westminster Abbey 1972 Retirement and Death Benefits Scheme, which have now moved to PIC’s specialist administration team at Barnett Waddingham after being named as one of PIC’s third-party administration partners.

Both schemes were previously looked after by Barnett Waddingham before PIC set up insurance policies for them. 

The partnership gives PIC more capacity to deliver administration services as it moves more schemes to buyout. 

The number of members under Barnett Waddingham’s administration is set to rise as the partnership grows.

Beth Allison, head of post-transaction and wind-up at Barnett Waddingham, said: “We’re delighted to continue our partnership with PIC in administering these schemes post-buyout. 

“Our dedicated insurer administration team is designed precisely for this work – giving PIC confidence that their requirements are being met, providing additional capacity, and ensuring a seamless route through to buyout for our mutual schemes. 

“Our member-first approach combined with flexible and adaptable administration systems, makes BW a trusted destination for members of schemes in the final stage of their endgame journey.”