Unnamed pension scheme completes £18m buy-in with Utmost

Written by Sophie Smith

14/02/2025

An unnamed UK pension scheme has completed an £18m buy-in with Utmost, fully insuring the benefits of over 270 members of the scheme.

Hymans Robertson acted as lead transaction adviser, supporting both the trustee and sponsoring company, while Gateley provided legal advice.

The deal marks Utmost's second transaction since entering the bulk annuity market, having initially announced plans to enter the BPA market last year.

Commenting on the deal, Hymans Robertson head of core transactions, Iain Church, said: “Successfully transacting with a newer entrant to the market requires extensive due diligence and can be more complex than working with an established insurer.

"However, Utmost’s solution-focused approach, combined with the deep expertise of our risk transfer team—who have advised on early transactions with all the new providers in recent years—ensured a smooth and efficient process. We are delighted to have helped our client secure this transaction, delivering long-term security for members while leveraging the growing competition in the market.”

Utmost head of BPA business development, Gary Needham, also highlighted the deal as a "great opportunity" and a "positive outcome" for the trustee and the scheme members.

"Early engagement with the trustee and their advisers, along with an ongoing collaborative and transparent approach, enabled all parties to get comfortable with the transaction in a relatively short timeframe," he added.

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