PIC, a specialist insurer of defined benefit pension schemes, has concluded an £870 million full buy-in of the De Beers UK Pension Scheme (‘the Scheme’). The transaction secures the pensions of both deferred and pensioner members of the Scheme, which is sponsored by De Beers UK Limited (‘the Company’), comprising 1,464 current pensioners and 473 deferred members.

Founded in 1888, De Beers Group is the world’s leading diamond company, with expertise in diamond exploration, mining, grading, marketing and retail. Together with its joint venture partners it employs more than 20,000 people throughout the world.

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