Pension Insurance Corporation (PIC) has struck a deal with outsourced service provider Brightwell to administer the Rolls-Royce Pension Fund following the completion of a £4.3bn buyout.
PIC announced today that it had completed the process of buying out the Rolls-Royce scheme, transferring its 36,000 members to full policyholders. It took approximately nine months, which chair of trustees Liz Airey described as a “smooth transition process” and “a remarkable achievement”.
As part of the transition, Brightwell – the fiduciary manager and administrator for the BT Pension Scheme – has taken on Rolls-Royce’s existing in-house pensions administration team, opening a new office in Derby to facilitate the staff transfer.
James Pearson, head of member services operations at Brightwell, said: “This has been a major collaborative effort. By retaining the existing Rolls-Royce administration team and combining that experience with our technology platform, we can continue to deliver a reliable and high-quality service to policyholders on behalf of PIC.”
As well as the BT Pension Scheme, Brightwell also administers the Mineworkers’ Pension Scheme, which it took on in January 2025.
Pete Rennalls, head of new business delivery at PIC, said that the Rolls-Royce process was “a great example of what can be achieved with good preparation, expert partners, close working relationships, a supportive sponsor, and an unwavering focus on members’ needs”.
Andy Rose, head of pension services at PIC, added: “This achievement represents an important milestone in our long-term commitment and focus on delivering the highest levels of customer care for our policyholders…
“Looking ahead, we are excited to work with our new partner Brightwell to provide a high-quality, outcome-focused customer experience – making sure our policyholders continue to receive the support and care they deserve for the long term.”
Moving from buy-in to buyout: How fast can schemes go?
The pensions industry seems split over how quickly insurers can convert the huge number of buy-ins completed in recent years to full buyouts, judging by a recent SPP poll. Read the full article.
