Specialist insurer PIC has completed a £213m full subscription from the trustees of the UK’s Siemens Healthcare Benefits Scheme, ensuring benefits for 703 pensioners and 967 deferred members and dependents.
Siemens Healthineers provides medical devices and services powered by digital technology and artificial intelligence in more than 180 countries, including imaging, diagnostics, cancer care and minimally invasive treatments.
In the UK, the company employs around 2,600 people, works with the NHS and private providers, and is investing more than £300 million in UK manufacturing and innovation between 2024 and 2027.
Adam Dann, Senior Sponsoring Actuary at PIC, commented: “We are pleased to have concluded this transaction with Siemens Healthineers. We are proud to have the flexibility to meet the clear and precise requirements of trustees of plans of all sizes, which was key to success in this particular transaction.”
Ann Rigby, chair of trustees for Siemens Healthineers UK Benefit Schemes, said: “We are delighted to have completed this transaction with PIC, ensuring the long-term pension benefits of our UK members. A key selection criterion for our scheme was to retain the choice of insurance companies currently available to our members.
“Preserving these options is a significant advantage for our members. PIC’s focus on policyholder experience and outcomes is fully aligned with this goal, giving us the reassurance that our members will continue to have access to these highly valuable options in retirement.”
Matt Cook, associate partner at Aon, said: “This transaction is a great example of what can be achieved through clear objectives, strong governance and early engagement with insurers. The project was focused on providing certainty to trustees and retaining bespoke member selection. PIC’s collaborative approach helped achieve both objectives and enabled us to support trustees throughout this important transaction.
Pinsent Masons provided legal advice to the trustees, while HSF advised the PIC.
