The Rolls-Royce UK Pension Fund has completed the bulk purchase annuity buy-out of all 36,000 scheme members with PIC.
The news comes nine months after the trustees signed a £4.3bn full scheme buy-in with PIC, which has appointed Brightwell as its administration partner. Brightwell has set up a new, dedicated office in Derby and the existing Rolls-Royce administration team, who were already based in Derby, have transferred to Brightwell.
“This 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,” said Liz Airey, Chair of Trustees, Rolls-Royce UK Pension Fund.
“This achievement represents an important milestone in our long-term commitment and focus on delivering the highest levels of customer care for our policyholders. I’d like to express my thanks to Liz and the whole team at Rolls-Royce and Brightwell for their incredible support and collaboration over the past nine months. Reaching this milestone together is something we feel very proud of. Looking ahead we are excited to work with our new partner Brightwell to provide a high-quality, outcome focussed customer experience – making sure our policyholders continue to receive the support and care they deserve for the long term,” added Andy Rose, Head of Pension Services at PIC.
