Pension Insurance Corporation (PIC) has completed a £6.6 million buy-in for the Primula Limited Pension Scheme, securing retirement benefits for all 74 members.
The transaction protects the pension benefits of employees at Primula, the cheese spread brand that recently celebrated its centenary. The brand is owned by Norway’s Kavli Group, which is controlled by the Kavli Trust, a charitable organisation that directs profits toward research, culture, and humanitarian initiatives worldwide.
“We’re so pleased to have completed this transaction with PIC, securing the benefits of our members,” said Sarah Marshall, chair of trustees for the Primula Limited Pension Scheme.
The deal, finalised in late 2025, is another transaction for PIC in the defined benefit pension market. Deepash Amin, head of new business strategy at PIC, said the company can work with schemes of varying sizes.
“It’s really rewarding to have concluded this buy-in at the end of last year, and to kick start 2026 by announcing another exciting new deal,” Amin said. “PIC has both the appetite and the ability to transact across the whole market, giving schemes of all sizes an attractive option to achieve their objective to secure their members’ benefits for the long term.”
Adam Walker, risk transfer partner at Barnett Waddingham, highlighted the collaborative nature of the transaction. “We are proud to have supported the trustees in achieving this buy-in, which secures the benefits for all members of the scheme,” Walker said. “This transaction demonstrates how careful preparation and collaborative working can make a swift, risk-controlled execution phase possible.”
PIC received legal counsel from CMS. The trustees worked with Barnett Waddingham, which served as risk transfer advisor and scheme actuary, and DLA Piper for legal guidance.
