The Pension Insurance Corp., a U.K.-based insurer of defined benefit pension funds, has concluded a £25 million ($31 million) full buy-in of the Westminster Abbey pension scheme.
The buy-in insures the pension liabilities for 125 pensioners and 107 deferred members who were employees of Westminster Abbey.
This is PIC's second transaction with a part of the Church of England. In 2015, the PIC, which holds assets of £41 billion, invested in a long-term £70 million bond issued by the charitable arm of the Church of England Pensions Board to fund retirement housing for retired clergy.
John O'Brien, chair of trustees at the Westminster Abbey Pension Scheme, said in a Dec. 18 PIC release: "It is a great achievement to reach this significant milestone. This is the culmination of many years of hard work by trustees past and present, which would not have been possible without the Abbey's diligent support of the scheme."
Westminster Abbey itself is based in the center of London. The current building was built in 1245 and houses the tombs of various English monarchs, and has been a UNESCO World Heritage site since 1987.
"PIC is delighted to have worked with the trustees of the Westminster Abbey Pension Scheme," said Jay Shah, chief origination officer at the PIC, in the release. "As many much larger schemes are also seeking to derisk at this time, being able to demonstrate PIC has the flexibility and adaptability to accommodate all sizes of transaction is most gratifying."
Earlier this month, Bloomberg reported that PIC is exploring a sale for a potential valuation of more than £5 billion.
