PenUltimate

A fully bundled route to buyout for small to mid-sized DB schemes

Removing operational barriers so smaller DB schemes can reach buyout with confidence

Many defined benefit (DB) pension schemes are now well-funded but are finding that reaching buyout is harder than expected. Administrative backlogs, inconsistent data, fragmented advice and limited insurer appetite can all slow progress – particularly for smaller schemes.

PenUltimate is our fully bundled, endgame‑focused service designed to remove these operational barriers and help small to mid‑sized DB schemes reach buyout more quickly and with greater certainty.

What PenUltimate delivers

PenUltimate brings together administration, actuarial, investment, data and risk transfer expertise into one co‑ordinated package. By aligning all advisers around a single endgame objective, we remove the friction that often arises when multiple – or overstretched – providers are involved.

Key features include:

A single, integrated team aligned to your buyout timetable
Endgame‑focused administration, including the ability to change administrator close to buy‑in
Targeted data cleansing and preparation of an insurance‑ready benefit specification
Prioritisation of GMP equalisation and other critical data rectification projects
Dedicated broking support to improve insurer engagement for smaller schemes

The result is a smoother, more predictable journey from being well-funded to being insurance‑ready.

Who can PenUltimate help?

PenUltimate is primarily designed for small to mid‑sized DB schemes (typically up to £100m) that are financially well positioned but operationally constrained.

Whether you’re a trustee looking to improve governance and decision‑making, or a scheme sponsor seeking clearer visibility and stronger control over funding and risk, PenUltimate provides a practical, forward‑looking solution.

For the very smallest schemes, we also offer a specialist pathway

Our PenUltimate Micro scheme solution has been developed to maximise efficiency and likelihood of a successful transaction, enabling smaller schemes to get to buy-in, to buyout and fully wound up within 2 years.

Learn more

Why Isio

Smaller schemes are increasingly finding themselves at the back of the queue as insurers prioritise larger, simpler transactions. Isio has built PenUltimate specifically to change that dynamic.

Our approach offers:

Deep experience in DB endgame strategy, risk transfer and wind‑up
Specialist administration and data teams focused on insurer readiness
Proven broking capability for small and mid‑sized transactions
A pragmatic, end‑to‑end mindset built around getting schemes over the final operational hurdles

PenUltimate builds on our wider suite of DB endgame solutions, including Enplan, our operational consolidation platform for smaller schemes, and The Pensions Master Plan, which delivers scale efficiencies while retaining existing trustees.

Insights

Traffic jams and roadblocks leaving micro DB schemes in the slow lane

Record levels of buyout activity in 2025 mean insurers are increasingly selective about which schemes they engage with. While many UK defined benefit (DB) schemes are now well-funded, the smallest schemes, including those with fewer than 100 members (so called “micro schemes”), are struggling to reach their endgame destination. Read our latest article.

Read now