Isio completes £20 million buy-in with Utmost Life and Pensions, providing brokering and covenant advice for defined benefit scheme

12 November 2024: Isio has successfully facilitated a £20 million buy-in transaction for a defined benefit scheme. In collaboration with the scheme’s Trustee, and legal advisors DLA Piper, Isio led on brokering the deal and advising on the covenant of the scheme’s insurer, Utmost Life and Pensions (“Utmost”), in addition to their longstanding role as full services Trustee adviser and Scheme Actuary to the scheme.

This transaction not only supports the scheme’s de-risking objectives but also marks a significant addition to the bulk purchase annuity (BPA) market, particularly at the smaller end where choice has often been limited. Utmost’s thoughtful entry into the BPA market ensured a streamlined process and a positive outcome for all parties involved.

Thomas Ridley, Senior Manager at Isio, said: “We’re thrilled to have played a part in this successful buy-in with Utmost, supporting the trustee in achieving a secure and stable outcome for the scheme. The team’s expertise in brokering and covenant advice helped the trustee make informed decisions and ensured an efficient process from start to finish.”

Chris Halewood,  Client Director, at Vidett added: “Working in collaboration with Isio, DLA Piper, the trustees, and scheme sponsor, we quickly recognised the strength of Utmost’s proposition. Significant time and planning had gone into their entry into the BPA market, which meant the process ran incredibly smoothly. It’s great to see another capable and competitive player in this space, providing options for smaller schemes where choice has been limited.”

Gary Needham,  Head of BPA Business Development, at Utmost Life and Pensions noted: “We are delighted to have had the opportunity to work with the Trustee and their advisers to successfully complete this buy-in and secure a positive outcome for their members.  The speed with which the transaction was completed is testament to the collaborative and pragmatic partnership between all parties involved.”