Isio launches PenUltimate to help smaller DB schemes overcome operational barriers to buyout

27 January 2026: Isio has launched PenUltimate, a new fully bundled service designed to help small to mid-sized DB pension schemes overcome operational bottlenecks and reach buyout more quickly.

Many schemes are now well funded but struggle to complete endgame transactions due to administrative delays, poor data quality and limited broking support. With insurers increasingly selective about which schemes they engage with, operational readiness has become as important as financial strength. PenUltimate was created in direct response to these challenges.

The service brings together administration, actuarial, investment, data and broking expertise into one co-ordinated package, removing the friction that often arises when multiple providers are involved.

Importantly, it enables schemes to change administrator close to buy-in with an endgame-focussed transition. This combines data cleansing, preparation of an insurance-ready benefit specification and prioritisation of GMP equalisation and any other data rectification projects, together with unrivalled, insurance broking expertise for smaller schemes.  Each project will be managed using Ensure, Isio’s digital trustee engagement platform, giving trustees clarity and oversight of the end-to-end process.

The PenUltimate service is primarily aimed at schemes up to £250 million but also offers a specialist pathway, PenUltimate Micro, for well-funded schemes with fewer than 100 members that delivers end-to-end buy-in to buy-out to wind-up, within a two-year timeframe for an all-inclusive fixed fee.

Andrew Goddard, Head of Trustee Services at Isio, said:

“PenUltimate gives small to medium sized schemes a clear route through the final stage of their journey to buyout and wind-up. It tackles the practical barriers that too often hold them back – from slow administration to fragmented advice and inconsistent data.”

“The name reflects its purpose: it’s the second-to-last move that matters – the step that clears the path to the final transition.”

Nick Johnson, Partner, Insurance and Settlement at Isio, commented:

“It’s an exciting time for schemes, with increasing funding levels, competitive insurance pricing and new and emerging alternative solutions. This creates opportunities but also shifts the problem from finding the right solution, to finding the best adviser to deliver it.”

“For too long, smaller schemes have been told to wait their turn while larger deals take priority. The reality is that many are financially ready, but face delays caused by outdated processes or a lack of joined-up support. PenUltimate changes that dynamic by prioritising GMP equalisation and other data projects for schemes at the point of administration transition, getting them data ready ahead of their final move to insurance.”

PenUltimate builds on Isio’s suite of DB end-game solutions, including Enplan, its operational consolidation platform for smaller schemes, and The Pensions Master Plan, which delivers scale efficiencies while retaining existing trustees. It also complements Isio’s DB endgame analysis service, helping schemes assess the best route to buyout or run-on.

Isio has already deployed the PenUltimate model across several smaller schemes, achieving fast insurer engagement and smooth transaction execution. It estimates there are thousands of schemes across the UK that face serious barriers to being considered by insurers in their current state but could rapidly turn this around with the dedicated support that PenUltimate provides.