 With Portsmouth in financial turmoil he was subject to a bid from Ipswich Town in January 2012, however he said he wanted to stay at Portsmouth under new manager Michael Appleton.When Captain, Liam Lawrence was loaned to Cardiff City, On 3 March 2012, Pearce was named as the new permanent captain of Portsmouth.He took over the captain's armband in the Championship match against Middlesbrough in a 3–1 loss which could have possibly been the club's last match in existence.