Mosaic was launched by PIC in April 2024 in order to offer price monitoring and standardised processes and contracts to give small schemes a straightforward, efficient way of securing their members’ benefits with PIC. Mosaic includes dedicated resources to support schemes through all stages of the transaction and post-buyout transition, ensuring excellent levels of customer service in line with service levels for PIC all other schemes. PIC expects to complete one further transaction with a different sponsor under Mosaic by year end.
Malcom Cree, Chief Executive of the GCB, said: “The General Council of the Bar is pleased to have supported the Trustee in securing this buy-in policy, which demonstrates our commitment to the Fund and members’ security. This transaction is a major step in our cooperative approach with the Trustee to reduce risk over the years. We would like to acknowledge the hard work of PIC, the Trustee and all the advisers for their effective teamwork in completing the transaction.”
Pavan Bhardwaj, Chair of Trustees for the Fund said: “We are very pleased to have completed a full scheme buy-in for the Fund, a significant step, which will enhance the security of all members’ benefits and remove uncertainty for the GCB. PIC’s Mosaic framework allowed us to work through the process efficiently as sole corporate trustee in order to capitalise on an improved funding position and achieve an excellent result for members.”
Louise Nash, Senior Origination Actuary at PIC, said: “We’re delighted to have concluded this deal with the General Counsel of the Bar Fund, our first within the Mosaic framework. We look forward to working with the Trustee to provide the members of the Fund with a smooth transition to becoming PIC policyholders. Mosaic is an innovative offering which provides capacity and brings efficiencies in a market segment where demand for streamlined risk transfer options is increasing.”
Matt Plail, Partner at XPS Pensions Group, said: “As Scheme Actuary to the Fund it has been a pleasure to help the XPS Risk Settlement team conclude the first ever Mosaic transaction. It’s a great deal for all stakeholders and I am particularly pleased for members who matter above all else.”
Dave Barratt, from XPS Risk Settlement added: “The framework enables a professional and efficient process evidenced by the short time frame taken to transaction. We look forward to seeing more clients benefiting from Mosaic in the near future.”
Andrew Simpson, Risk Transfer Partner at Mercer, said: “As advisers to the GCB, we are delighted to have worked with the Trustee to achieve such a successful outcome for the long-term security of the members’ benefits. The collaborative approach demonstrated by the Trustee and Company together with competitive pricing and Mosaic process delivered by PIC meant that the Fund was able to achieve this important milestone within a set timeframe.”
|
