The General Council of the Bar (GCB) Pension and Life Assurance Fund has completed a £20m buy-in with Pension Insurance Corporation (PIC), covering the benefits of 103 members.

The buy-in, which was completed and signed within 10 weeks of PIC receiving the scheme data, was the first transaction completed using Mosaic, PIC’s streamlined service for pension schemes with assets under £100m.

XPS Pensions Group acted as scheme actuary to the scheme, while Mercer acted as advisers to the GCB.

Chief executive at GCB, Malcom Cree, highlighted the deal as demonstration of the group's commitment to the fund and members’ security.

"This transaction is a major step in our cooperative approach with the trustee to reduce risk over the years," he continued. "We would like to acknowledge the hard work of PIC, the trustee and all the advisers for their effective teamwork in completing the transaction.”

Adding to this, chair of trustees, Pavan Bhardwaj, said: “We are very pleased to have completed a full scheme buy-in for the fund, a significant step, which will enhance the security of all members’ benefits and remove uncertainty for the GCB.

"PIC’s Mosaic framework allowed us to work through the process efficiently as sole corporate trustee in order to capitalise on an improved funding position and achieve an excellent result for members.”

Launched by PIC in April 2024, Mosaic is designed to offer price monitoring and standardised processes and contracts to give small schemes a straightforward, efficient way of securing their members’ benefits.

PIC said that it also expects to complete one further transaction with a different sponsor under Mosaic by the end of the year.

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