Utmost Life and Pensions is headquartered in Aylesbury, Buckinghamshire
Utmost Life and Pensions has confirmed an £18m buy-in with an unnamed UK pension scheme – its second deal since entering the bulk purchase annuity market at the end of last year.
The transaction – which completed in December 2024 – fully insures the benefits of over 270 members of the scheme.
The move comes as Utmost entered the BPA market with a £20m buy-in deal with an unnamed scheme in November last year – formally confirming the move in January, when it also noted its ambition to capture a market share of more than 5% within five years.
Hymans Robertson acted as lead transaction adviser, supporting both the trustee and company, together with Gateley providing legal advice.
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 added: "This was a great opportunity for us and we are pleased to have been able to complete the buy-in and secure a positive outcome for the trustee and their 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."
