Primula Limited Pension Scheme has completed a £6.6m buy-in with Pension Insurance Corporation (PIC), securing the benefits of all 74 scheme members.

The transaction, which was completed at the end of 2025, will see the defined benefit (DB) pension insurer assume responsibility for the pension benefits of members of the scheme sponsored by Primula Limited.

PIC was advised on the transaction by CMS, and the trustees were supported by Barnett Waddingham, which acted as risk transfer adviser and scheme actuary, alongside legal adviser DLA Piper.

Primula Limited Pension Scheme chair of trustees, Sarah Marshall, said the transaction would provide long-term security for members’ benefits.

“We’re so pleased to have completed this transaction with PIC, securing the benefits of our members,” she continued.

“Working with PIC was smooth and efficient, and the team demonstrated how they could fully support our members with strong customer service and financial security, so we know we’ve made the right decision.”

PIC head of new business strategy, Deepash Amin, added that the deal underlined the insurer’s ability to support schemes of all sizes.

“It’s really rewarding to have concluded this buy-in at the end of last year, and to kick-start 2026 by announcing another exciting new deal,” Amin said.

“PIC has both the appetite and the ability to transact across the whole market, giving schemes of all sizes an attractive option to secure their members’ benefits for the long term. We look forward to working with the trustees going forward.”

Barnett Waddingham risk transfer partner, Adam Walker, claimed that the deal highlighted the importance of preparation and collaboration.

“We are proud to have supported the trustees in achieving this buy-in, which secures the benefits for all members of the scheme,” he stated.

“This transaction demonstrates how careful preparation and collaborative working can enable a swift and risk-controlled execution phase.

"Our thanks go to the trustees, PIC and all advisers for their commitment to delivering a smooth and successful outcome."

---