Pension Insurance Corporation (PIC) has completed the transfer of the Rolls-Royce UK Pension Fund, securing the long-term future of benefits for 36,000 members following a \u00a34.3bn full buy-in agreed with the scheme\u2019s trustees.<\/p>\n
The milestone was reached just nine months after the initial agreement, marking the completion of one of the UK\u2019s largest pension risk transfer transactions and moving all members of the Rolls-Royce scheme onto PIC\u2019s insurance platform.<\/p>\n
As part of the move, PIC has supported the opening of a new dedicated Derby office for administration partner Brightwell, with the existing Rolls-Royce pension administration team transferring across to retain specialist knowledge and ensure continuity of service for members.<\/p>\n
The new base brings together the team\u2019s long-standing experience of managing the scheme with Brightwell\u2019s technology platform and pension administration expertise, helping maintain a high-quality service for policyholders.<\/p>\n
The Derby office was officially opened by Baggy Shanker, Labour and Co-operative MP for Derby South, who met with PIC senior management and the Brightwell team during a visit to mark the milestone.<\/p>\n
A former Rolls-Royce employee and supporter of investment in the region,\u00a0 Shanker highlighted the importance of retaining skilled employment locally.<\/p>\n
Baggy Shanker, MP for Derby South, said: \u201cRolls-Royce has both a proud history and bright future in Derby. I was pleased to visit Brightwell\u2019s new Derby office, meet the team based here, and welcome skilled work being retained locally.\u201d<\/p>\n
Liz Airey, Chair of Trustees, Rolls-Royce UK Pension Fund said: \u201cThis has been an exceptionally smooth transition process, a remarkable achievement given the size of the scheme and the complexity of moving the administration at the same time. I want to thank the whole team at PIC and Brightwell for their focus on the needs of the members. I have no doubt that we made the right choice and that the members will be exceptionally well looked after as PIC policyholders.\u201d<\/p>\n
Pete Rennalls, head of new business delivery at PIC said: \u201cIt\u2019s been a pleasure to work with Liz and her team during the transition process. Our strong working relationship allowed us to complete the process within just nine months. This transition is a great example of what can be achieved with good preparation, expert partners, close working relationships, a supportive sponsor, and an unwavering focus on members\u2019 needs.\u201d<\/p>\n
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Major pension deal has sparked a new chapter in Derby too, with a dedicated office opening to support the future of Rolls-Royce scheme members<\/p>\n","protected":false},"author":266702,"featured_media":2112727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"coauthors":[127717],"class_list":["post-2112725","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-derbyshire","tag-featured-story"],"yoast_head":"\n