Specialist insurer, Pension Insurance Corporation (PIC) has launched a new streamlined service for smaller DB schemes looking to complete a buyout.
The service, called Mosaic, offers price monitoring as well as standard processes and contracts with the intention of giving schemes an efficient way of securing their members’ benefits.
Mosaic will be offered to schemes with assets of less than £100m. It says that with the rise in gilt yields over the past two years, there are now an estimated 800 small schemes which are more than 100 per cent funded on a buyout basis.
Typical bulk annuity market volumes are in the order of 200 deals a year of all sizes, with 250 deals being completed in 2023.
The services includes includes support and resource through the various stages of the transaction and post-buyout transition, ensuring high levels of customer service.
PIC chief origination officer Mitul Magudia says: “We are keen to continue providing insurance for the whole of the market. By making the buyout process more efficient, and establishing dedicated resources to maintain our customer service offering, Mosaic will provide additional capacity to the smaller end of the market and give schemes an additional attractive option to achieve their objectives in the buyout market.”