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GCB pension scheme completes £20m buy-in using PIC's Mosaic framework

By Sophie Smith

20/12/24

The General Council of the Bar (GCB) Pension and Life Assurance Fund has completed a £20m buy-in with Pension Insurance Corporation (PIC), covering the benefits of 103 members.

The buy-in, which was completed and signed within 10 weeks of PIC receiving the scheme data, marks the first transaction completed using Mosaic, PIC’s streamlined service for pension schemes with assets under £100m

PSIG consultation feedback 'encouraging'; 'disappointment' with lack of industry funding

The Pensions Scam Industry Group (PSIG) has said that feedback on its recent consultation was "encouraging", although it expressed "disappointment" that the industry is not yet ready to help fund its operation

Defined benefit (DB) pension transfer values reached a 12-month low during November 2024, before recovering to their previous month-end position, according to analysis from XPS Group

Two fifths of UK adults unaware of new rule that pensions will be subject to IHT

Two fifths (40 per cent) of UK adults aged 55 or over - the equivalent of 8.5 million people - remain “completely unaware” of new rules that will bring pensions into the scope of inheritance tax (IHT) from April 2027, research from Canada Life has revealed

Guest comment: Taking the long view

Society of Pension Professionals (SPP) Investment Committee member, Jos Vermeulen, discusses the endgame options available to defined benefit (DB) schemes, and the role longevity swaps can play in making de-risking goals more achievable

FRC shares draft strategy for 2025-28

The Financial Reporting Council (FRC) has published a draft three-year strategy for 2025-28 reaffirming its commitment to support UK economic growth and serve public interest

FSCS reveals 13 firms declared in default in October-November

The Financial Services Compensation Scheme (FSCS) has revealed that 13 firms were declared in default in October and November 2024

No compensation to be paid to Waspi women over SPA changes, govt confirms

The government has accepted that there was maladministration in relation to how it communicated changes to women's state pension age (SPA), although it has rejected the Parliamentary and Health Service Ombudsman's (PHSO) proposed remedy

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Highlighted Content

De-risking Guide

The many paths to choose - read our annual guide on this key area

Looking to India

Malcolm Reynolds from Aptia looks at how India can help the admin capacity crunch

Sustainability Roundtable

Our experts discuss the evolution of sustainable investing for pension funds

Latest Podcasts

Keeping on track

In the latest Pensions Age podcast, Sophie Smith talks to Pensions Dashboards Programme (PDP) principal, Chris Curry, about the latest pensions dashboards developments, and the work still needed to stay on track

Building investments in a DC world

In the latest Pensions Age podcast, Sophie Smith talks to USS Investment Management’s head of investment product management, Naomi Clark, about the USS’ DC investments and its journey into private markets

High-yield Investing

Laura Blows discusses short duration global high-yield strategies with Royal London Asset Management head of global credit, Azhar Hussain, in the latest Pensions Age podcast

Sustainable Investing

Laura Blows speaks to Royal London Asset Management sustainable fund manager, George Crowdy, about global sustainable equity investing

The latest in multi-asset credit

Laura Blows discusses the high-yield market and multi asset credit with Royal London Asset Management senior fund manager, Khuram Sharih

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View Videos

Check out our latest appointments

Appointments update - 9 July 2024

London CIV has appointed Andrien Meyers to the newly created role of chief proposition officer

Appointments update - 13 June 2024

Diversity in Pensions (DIP) has appointed Jenny Davie as its new chair

Appointments update - 6 June 2024

The Superannuation Arrangements of the University of London (SAUL) Trustee Company has appointed Rob Orr as its next CEO, effective from 1 October 2024, when Sue Applegarth retires

Appointments update - 30 May 2024

The Money and Pensions Service (MaPS) has appointed Richard Harvey as its non-executive director

Appointments update - 14 May 2024

Aviva has appointed Jenny Segal and Rene Poisson to its Independent Governance Committee (IGC)

Check out our latest features

2024: A year of change

2024 has been a year defined by transformation, marked by a new government, the introduction of the Pension Schemes Bill, a Pension Investment Review, and the introduction of several significant pieces of legislation. Paige Perrin looks back on an eventful year

Time for a change

Alex Janiaud considers whether the DC lifestyling investment pathway is still fit for purpose

“Cheers” to good governance

Scottish & Newcastle Pension Plan head of pensions, Neil Parfrey, and Knowa chief commercial officer, Aled Davies, tell Francesca Fabrizi how artificial intelligence (AI), when used in the right way, can assist pension schemes in meeting their general code and wider governance obligations

How at-retirement products are changing

With people retiring in different ways, and living longer, how are providers ensuring at-retirement products stay relevant?

The third choice?

With the UK’s first CDC scheme up and running, and the government recently issuing a consultation on enabling multi-employer CDC structures, Pensions Age explores whether this

is the start of CDC being the ‘third choice’ between DB and DC pension offerings

The self-employed retirement crisis: Is it time for policy reform?

Saving for retirement is a daunting challenge when you’re self-employed and many are alarmingly unprepared. Policymakers need to consider flexible solutions to attract self-employed participation

A wild ride?

Sandra Haurant looks back at what occurred within investment markets during 2024

From bricks to billions?

Callum Conway looks at the investment opportunities for pension funds within the affordable housing sector

Retiring from the retirement business

You might think that people who work in pensions should be well equipped to find a good route towards retirement, including a gradual reduction in working hours, if that is what they want. But does being in the industry make a helpful difference? David Adams finds out whether pensions veterans are benefitting as much as they should

From an industry lifeboat to an industry leader

Pension Protection Fund (PPF) director of strategy and policy, David Shaw, sits down

with Sophie Smith to talk about how the lifeboat dealt with the challenges faced in 2024, and the work still to do as we head into 2025

Bridging the divide

Achieving a fair pension system for all by closing the gender pension gap is a shared goal for the industry, government, and employers. But how much progress has truly been made, and what more can be done to bridge the divide? Paige Perrin investigates

Why transfer exercises are declining

Rising gilt yields, proximity to buyout and difficulties in finding financial advisers willing to execute transfer exercises have contributed to a decline in volumes over recent years

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Check out our latest jobs

Head of Pensions Operations

Posted by

104,992 - £135,872

Bristol / Halifax / Leeds / Edinburgh

Full-time

The Head of Pensions Operations leads the daily administration of Pension Schemes and develops an operational strategy to fulfil the Trustee vision. This role offers an outstanding opportunity to lead a team, implement strategies and make a meaningful impact on our pension operations.

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Head of Pensions Policy

Posted by

104,992 - £135,872

Bristol / Halifax / Leeds / Edinburgh

Full-time

You will develop the Group's strategy for colleague pension provision, crafting effective policies and frameworks to improve outcomes for colleagues and the business. This means managing pension risks for the Group (excluding funding) and continuously supervising and improving controls.

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Trustee Director of the People’s Pension Trustee Limited

Posted by People's Partnership

Competitive

Crawley

Permanent

Since its launch is 2011, The People's Pension has grown rapidly with more than 6 million members, over 100,000 participating employers and assets under management of more than £30bn. As one of the UK's largest authorised commercial master trusts in the UK, The People's Pension is well managed by a strong and knowledgeable Trustee Board who look after the interests of all our members and employers. They now seeking to appoint two Trustee Directors to the Board to continue the excellent governance standards set by the Scheme effective from 1 April 2025.

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Head of Pensions, in-house

Posted by Sammons Pensions Recruitment

Comprehensive package

Hybrid/West Sussex offices c.3 days a week

Exceptional opportunity to lead a highly skilled in-house Pensions team managing £bn+ DB and DC plans on behalf of the corporate and trustees

To discuss this role in confidence please call Sarah Bergin-McCarthy on 020 7293 7022 or email sbm@sammons.co.uk. please quote reference 81904.

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Pension Trustee Director

Posted by Abenefit2u

Based on experience

Flexible working on offer

Permanent

Bringing your vast experience of the UK Pensions Industry, you will provide Trustee Services to a portfolio of clients.

Your gravitas and communication skills will enable you to be a trusted member of the Board, as well as build strong relationships with relevant pension scheme sponsors.

For a confidential discussion please telephone Craig English on 07884 493361 or email craig@abenefit2u.com

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Closing the gender pension gap

Laura Blows discusses the gender pension gap with Scottish Widows head of workplace strategic relationships, Jill Henderson, in our latest Pensions Age video interview

Endgames and LDI: Lessons to be learnt

At the PLSA Annual Conference, Laura Blows spoke to State Street Global Advisors EMEA head of LDI, Jeremy Rideau, about DB endgames and LDI in the wake of the gilts crisis of two years ago

Keeping on track

Building investments in a DC world