PIC'S CEO ANNOUNCES PLANNED RETIREMENT  

London, 12 February 2025 - Pension Insurance Corporation plc ("PIC" or the "Company"), a specialist insurer of defined benefit pension schemes, today announces that CEO, Tracy Blackwell, has informed the Board of her intention to retire, having served almost 20 years with the Company.

The Board will now proceed with a formal search for a successor, considering internal and external candidates. Tracy will support the Board in ensuring an orderly transition.

David Weymouth, PIC's Chairman, said: "The Board would like to thank Tracy for her leadership of the Company. Tracy has had a long and distinguished career at PIC, and in the wider insurance and pension industry, and we are very grateful for her significant contribution, which was most recently recognised by her award of a CBE. She will leave PIC in a strong position as it enters the next phase of its growth."

Tracy Blackwell, PIC's CEO, said: "It has been a privilege to work at, and lead, PIC. I never imagined, when we started the business nearly 20 years ago, that the Company would grow into the market leader it is today. I am so proud of what we have achieved together, and it has only been possible because of the dedication, commitment and talent of the people at PIC. I look forward to watching the business continue to grow."

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For further information please contact:

Pension Insurance Corporation      Jeremy Apfel        +44 (0)207 105 2140

                                                           [email protected]

Apella Advisors for PIC                  Anthony Silverman +44 (0) 7818 036579                 
                                                            [email protected]

About PIC
The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. At half year 2024, PIC had insured 348,600 pension scheme members and had £47.7 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension schemes. At 30 June 2024, PIC had made total pension payments of £14.9 billion to its policyholders and had invested more than £13 billion in the UK economy, creating considerable social value. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit www.pensioncorporation.com