PIC Completes £83m Buy-in for Royal Society of Chemistry Pension Scheme

How the Royal Society of Chemistry Scheme Completed Its £83m Buy-in

Pension Insurance Corporation has sealed an £83 million full buy-in with The Royal Society of Chemistry Pension Scheme, locking in the benefits for all 468 members. The transaction is the latest in a busy UK pension risk transfer market, where smaller schemes are increasingly moving to offload longevity and investment risk.

The scheme’s chair of trustees, Andy Pateman, described the buy-in as an “important milestone” and said PIC had impressed from the start with its customer service focus. He highlighted the contributions of professional trustee Alison Bostock from Zedra, along with the scheme’s advisory team.

Jake Stanbridge, origination actuary at PIC, noted that the insurer’s reputation for dealing with complex de-risking journeys was central to winning the mandate. Jamie Naik of LCP, the lead transaction adviser to the trustees, said the outcome showed the value of a well-prepared scheme and a close working relationship between trustees and sponsor.

The deal involved a range of professional firms: PIC was advised by CMS, while LCP led for the trustees, with legal input from Addleshaw Goddard and Osborne Clarke, and actuarial and investment advice from Mercer.

What the PIC Deal Reveals About Today’s Pension Risk Transfer Market

PIC’s Competitive Pitch: Service over Price

The Royal Society of Chemistry trustees made clear that customer service, not just financial terms, drove their choice. Stanbridge said the trustee was “impressed by our ability to deliver first-class service from the outset”. In a market where insurers often compete on pricing, this deal underlines how a reputation for smooth execution and ongoing member support can win mandates, especially for schemes where the sponsor is closely involved.

The Preparation Premium

LCP’s Naik pointed to the scheme’s readiness as a critical factor. The transaction moved efficiently because the trustees had already done the groundwork—data cleansing, benefit specification, and a clear de-risking strategy. For other schemes watching, this is a reminder that a well-prepared scheme not only attracts competitive quotes but also shortens the timeline and reduces uncertainty.

What the Deal Signals for the Market

At £83 million, the buy-in sits in the mid-size segment where demand is growing strongly. The involvement of a professional trustee (Zedra) and a collaborative sponsor relationship suggests that even smaller schemes can achieve full buy-ins without the friction that sometimes delays larger transactions. It also reinforces the view that the pipeline of small to medium-sized deals will remain healthy, as advisers and insurers refine their processes for schemes with fewer than 500 members.

Three Trustee Takeaways from the Royal Society of Chemistry Buy-in

• Prioritise active preparation. As LCP’s Jamie Naik indicated, a well-prepared scheme can achieve a faster and more certain buy-in. Trustees should invest early in data quality and benefit specifications before going to market.
• Evaluate insurers on service capability. The Royal Society of Chemistry trustees explicitly valued PIC’s approach to member communication. Including service standards and ongoing administration promises in tender scoring can help select a partner that matches a scheme’s culture.
• Leverage professional trustees. The scheme’s own experience—with Zedra’s Alison Bostock playing a key role—shows that a professional trustee can bring the discipline and expertise needed to navigate complex transactions efficiently.