BW expands partnership with Pension Insurance Corporation

Barnett Waddingham (BW) has expanded its partnership with Pension Insurance Corporation (PIC), taking on full administration services for two schemes currently progressing to full buyout.

The two schemes, including the Westminster Abbey 1972 Retirement and Death Benefits Scheme, have now transitioned to PIC’s dedicated specialist administration team at BW, following BW’s appointment as one of PIC’s third-party administration partners.

Both schemes were previously administered by BW before entering into insurance policies with PIC. That continuity has supported a smooth and efficient transfer of services, helping to ensure policyholders continue to receive consistent, high-quality support.

"Barnett Waddingham’s commitment to customers shone through and we look forward to them supporting our policyholders and collaborating to develop our administration offering for the long term."

This latest development builds on BW’s existing work with PIC. Since 2023, BW has provided administration services for approximately 20,000 members of the Old British Steel Pension Scheme.

The expanded partnership gives PIC additional implementation and post-buyout administration capacity, while supporting its future pipeline. As PIC progresses more schemes to full buyout, the number of members whose benefits BW administers is expected to grow.

"Our dedicated insurer administration team is designed precisely for this work, giving PIC confidence that its requirements are being met, providing additional capacity, and ensuring a seamless route through to buyout for our mutual schemes."

Beth Allison, Head of Post-Transaction and Wind-up at Barnett Waddingham, said: “We’re delighted to continue our partnership with PIC in administering these schemes post-buyout. Our dedicated insurer administration team is designed precisely for this work, giving PIC confidence that its requirements are being met, providing additional capacity, and ensuring a seamless route through to buyout for our mutual schemes.

“Our member-first approach, combined with flexible and adaptable administration systems, makes BW a trusted destination for members of schemes in the final stage of their endgame journey.”

"By working closely together, we’re continually enhancing our operational delivery as our partnership evolves."

Andy Greig, Head of Insurance Administration at Barnett Waddingham, added: “We’re delighted to expand our pension administration services for PIC. By working closely together, we’re continually enhancing our operational delivery as our partnership evolves. Our experienced administration team, with deep expertise in insurance administration, is committed to providing dedicated support to this new group of PIC policyholders.”

Andy Rose, Head of Pension Services at PIC, said: “The successful implementation of two important pension schemes is a significant milestone for PIC. Ensuring our policyholders receive the highest level of care and support is our number one priority. Barnett Waddingham’s commitment to customers shone through and we look forward to them supporting our policyholders and collaborating to develop our administration offering for the long term.”