Pension Insurance Corporation, a £25bn group that acquires closed company pension funds, has signed a £1.3bn deal with manufacturer Siemens in the latest sign that an “unprecedented” year is taking shape in the market.
The deal — PIC’s third with Siemens — lifts out a 6,000-member section of the Siemens Benefits Scheme, for which PIC will now guarantee pensioner payments in return for a premium from the company.
