The Pensions Insurance Company (PIC), a specialist insurer of defined benefit pension schemes, has completed a £6.6 million buy-in of Primula limited pension scheme, providing benefits to all 74 scheme members.
Known as one of the world’s first cheese spreads, Primrose recently celebrated its 100th anniversary. The brand is now part of the Kavli Group, a Norwegian food company owned by the Kavli Trust, a charitable organization that reinvests profits to support research, cultural and humanitarian projects around the world.
PIC was advised on the transaction by CMS, with the trustee working with Barnett Waddingham as risk transfer adviser and scheme actuary and DLA Piper.
Sarah Marshall, chair of the trustees of Primula Limited Pension Scheme, said: “We are delighted to have completed this transaction with PIC, ensuring the benefit of our members. Working with PIC has been smooth and efficient and the team have demonstrated how they can fully support our members with strong customer service and financial security, so we know we have made the right decision.”
Deepash Amin, PIC’s head of new business strategy, said: “It’s truly rewarding to complete this acquisition late last year and kick off 2026 by announcing another exciting new deal. PIC has both the interest and ability to transact across the entire market, providing schemes of all sizes with an attractive option to achieve their objective of securing long-term benefits for their members.”
“We look forward to continuing to work with the trustees.”
Adam Walker, risk transfer partner at Barnett Waddingham, said: “We are proud to have supported the trustees in achieving this acquisition, which ensures the benefit of all members of the scheme. This transaction demonstrates how careful preparation and collaborative working can enable a rapid risk control execution phase. We thank the trustees, the PIC and all advisers for their commitment to achieving a smooth and successful outcome.”
