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After a quieter 2017, the market for buying out closed company pension schemes is heading for a record in 2018, according to participants

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Pension Insurance Corporation, a £25bn group that acquires closed company pension funds, has signed a £1.3bn deal with manufacturer Siemens in the latest sign that an “unprecedented” year is taking shape in the market.

The deal — PIC’s third with Siemens — lifts out a 6,000-member section of the Siemens Benefits Scheme, for which PIC will now guarantee pensioner payments in return for a premium from the company.

Bumper Siemens deal puts pensions market on course for record year

Mark Cobley

Siemens

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