TIDM37PB

RNS Number : 2768Z

Pension Insurance Corporation PLC

21 January 2022

PICG COMMENCES SEARCH FOR NEW CHAIRMAN

AHEAD OF PERIOD OF SIGNIFICANT GROWTH

London, 21 January 2022 - Pension Insurance Corporation Group Limited(1) ("PICG"), ultimate parent company of Pension Insurance Corporation ("PIC"), the specialist insurer of defined benefit pension funds, today announces that it has commenced a search for a new Chairman to take over from current incumbent, Jon Aisbitt.

Mr Aisbitt has advised of his intention to step down from the role once a successor has been identified. This will allow time for the new Chairman to become sufficiently well acquainted with the business that they are able to manage the significant growth expected by the company over the next few years in the pension risk transfer market, as well as oversee several key Board appointments. Mr Aisbitt was appointed Chairman in 2016 and under the Financial Reporting Council's ("FRC") nine-year rule for Board members would have had to step down in 2025, part way through this expected period of change. Mr Aisbitt will remain as Chairman until his successor is appointed to ensure a smooth transition process.

PIC is using Russell Reynolds to manage the search.

Jon Aisbitt, Chairman of PICG, said: "PIC is a fabulous business that is extremely well positioned to benefit from the significant growth expected in the pension risk transfer market over the next decade and more. With several key appointments to make to the Board over the coming years, I feel that now is the right time to hand over to a new Chairman. This will allow them time to fully settle into the role so that they are best placed to successfully lead the Board through a period of sustained growth, whilst preserving PIC's focus on its purpose, its entrepreneurial culture, and its unwavering focus on customer service."

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Notes to Editors:

1) The Pension Insurance Corporation Group includes Pension Insurance Corporation Group Limited, the group holding company; Pension Insurance Corporation plc (PIC), the Group's regulated insurer; and Pension Services Corporation Ltd, the group's service company.

For further information please contact:

   Pension Insurance Corporation        Jeremy Apfel                           +44 (0)20 7105 2140

apfel@pensioncorporation.com

About Pension Insurance Corporation plc

The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure and stable retirement incomes through leading customer service, comprehensive risk management and excellence in asset and liability management. At half-year 2021, PIC had insured 270,800 pension scheme members and had GBP47.6 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of U.K. defined benefit pension schemes. 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

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January 21, 2022 10:00 ET (15:00 GMT)

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