PIC, a specialist insurer of defined benefit pension schemes, has completed the full subscription of the £113 million Steria managed scheme portion of the Sopra Steria retirement benefit scheme, successfully protecting the benefits of all 355 members of the portion.
Sopra Steria is a European technology company with operations in nearly 30 countries and more than 50,000 employees, known for its consulting, digital services and solutions.
The selection process emphasizes not only financial stability but also the quality of long-term member care. David Best, deputy chairman of the trustees of the Sopra Steria Retirement Benefit Plan, pointed to the PIC’s reputation for policyholder service as a deciding factor.
“We are pleased to have reached this deal with PIC, which will ensure the long-term benefits of our members and mean they will continue to receive high-quality customer service,” Best said.
Deepash Amin, PIC’s head of new business strategy, said: “We have been impressed by the trustees’ focus on member experience as part of the deal, so we are delighted to have been selected. PIC is built around delivering on our purpose of paying out the pensions of our current and future policyholders and we look forward to welcoming scheme members in due course.”
CMS advised the PIC and Gowling WLG provided legal advice to the trustees.
Maria Greene, Chief Financial Officer of Sopra Steria UK, commented: “We are delighted to have completed the buy-in transaction for the SMP Defined Benefit Pension Scheme, which provides long-term security for members’ benefits and is an important milestone for the company.”
