LGBT Great Careers Partner – Pension Insurance Corporation

PIC at a glance

PIC is a specialist insurer and a leader in the UK pension risk transfer market. We are driven and united by one purpose: to pay the pensions of our current and future policyholders. With our policyholders firmly at the heart of everything we do, we need technically competent, resilient, ambitious and proactive people to join us.

For over a decade, we have been a significant investor in areas like social housing, renewable energy and the UK’s universities. These investments, which are typically sourced privately, provide the cash flows we need to match our liabilities at maturities when publicly available debt is scarce. In total, we have invested £13.0 billion right across the UK economy, creating significant social value.

Why PIC?

Pension Insurance Corporation (PIC) is a company with a clear purpose, a strong link to the creation of social value, and a culture that allows our employees to grow with the company and see the contribution they make to our success. PIC pays the pensions of hundreds of thousands of members and former members of UK defined benefit pension schemes. We invest in long-term assets, like UK infrastructure and regeneration projects, to provide the very long-term cashflows we need to pay those pensions over the coming decades.

Our values

Resilience: No matter what comes our way, we can handle it. We do this by managing risk to provide long-term stability and financial security for our customers. Our strong, conservatively managed balance sheet and low-risk portfolio ensure resilience against difficult economic events.

Adaptability: PIC is capable of thriving in a changing environment, doing things differently and evolving our business with innovative solutions and in line with client needs. We listen carefully and are not afraid to learn and challenge ourselves, and we go beyond existing ways of thinking to come up with innovative, personlised solutions.

Loyalty: Our policyholders are our customers for life, which is why our strong ethos around doing the right thing is so important to us. We invest in building lasting relationships, proving ourselves to be dependable and dedicated. We know the benefit of working together as a team. We respect value, reward and nurture our people.

Diversity, Equity and Inclusion

We are proud to be an equal opportunity employer: we treat everyone equally, regardless of age, gender identity, race and ethnicity, disability, neurodiversity, sexual orientation or religion. Our DEI activity is incorporated into our hiring process and the makeup of our organisation.

PIC supports several DEI initiatives through corporate sponsorship including Social Capital Network, the Actuarial Mentoring Programme (AMP), LGBT Great, GAIN (Girls Are INvestors), the 10000 Interns Foundation and Women In Banking & Finance, which provides female colleagues, at all levels, with access to development and networking opportunities, and the business with channels to recruit more female talent.

We have a dedicated Diversity, Equity and Inclusion Forum, which is comprised of employees from across the business. Our gender pay gap figure of 11.4% is below the financial services indicative average of 22.7%. PIC recruited approximately 146 new joiners since 2022 and of these, 43% were women.

We focus on early career talent to develop talent pipelines including through our Academy programme. 11 apprentices have completed their qualifications since launch and we have seven apprentices currently studying, who are gaining valuable experience, whilst undertaking a qualification supported by PIC.

Life at PIC

Outside of our day-to-day roles, our people enjoy a variety of events throughout the year which bring us altogether, including: sports teams, including netball and football, monthly Town Halls, our famous annual Treasure Hunt, our summer PICnic, tyPICal Days, and charity fundraisers e.g. End of Summer Party, annual quizzes. The notions of making a difference and giving back are a key part of life here at PIC. Our two main charity partners are Independent Age and Rethink Mental Illness with various events occurring throughout the year such as half marathons. We encourage our people to participate by offering two days’ volunteer leave per year and also match charitable fundraising.

Depending on your role, what you need and what the business needs, we may support you in gaining a professional qualification. Our dedicated Learning & Development team is here to support you, creating learning environments where you can continuously develop to reach your potential and meet your career goals.

Learning is about much more than just attending courses, and includes classroom training, virtual training, digital training, coaching, mentoring, and knowledge sharing events. During 2023, we were delighted to be awarded Investors in People Silver Award. In the same year, we added another 146 employees to our PIC family and by year end, we had a total of 547.

What our people say

“During my first year at PIC I have carried out challenging work, which I have received support on when I have asked. Working in a larger team has enabled me to express myself and I have been encouraged to do so. The support and training that I have been offered has really helped my development, as well as the study days provided for my exams which enable me to maintain a good work-life balance. I look forward to continuing my development at PIC over the coming years and experiencing other actuarial work during my rotations.”

Madeleine Snow, Actuarial Analyst (Finance)

“Working at PIC makes me proud. We have an incredibly important purpose. Since joining, I have felt heard, valued, and have been encouraged to speak up and share my views and insights. I have had many opportunities to be involved in some very exciting projects across our HR department on a daily basis. I’m also a member of our DEI Forum, have taken part in several fundraising events, from Trek26 for Alzheimer’s Society to PIC’s annual Treasure Hunt, as well as being a part of PIC Women’s Network and PIC’s Netball Club. There’s a lot of opportunity to develop here, and I feel well-supported by my manager and leadership team, and have some fantastic peers and colleagues.”

Helen Kinloch, Talent Acquisition Manager

We look for the right people to deliver the best outcomes

Every person in our team is united by one purpose, to pay the pensions of our current and future policyholders by working together, working hard and focusing on excellence in everything we do.