Memory Lane Cakes Pension Scheme has completed its bulk purchase annuity buy-out with Utmost Life and Pensions.
Following the full scheme bulk purchase annuity buy-in for the scheme in June 2025, Utmost Life and Pensions has issued 362 individual buy-out policies to scheme members and dependants.
“Reaching buyout is the culmination of a carefully managed de-risking journey and an important milestone in the Scheme’s history. Throughout the process, the Trustee’s focus has been on maintaining strong governance, robust decision-making and clear communication with members while working towards a long-term solution. We are pleased to have successfully completed the transition to individual policies with Utmost and would like to thank all advisers and stakeholders whose expertise and commitment helped bring the project to a successful conclusion,” said Fay Robinson, on behalf of Dalriada Trustees.
“It has been a pleasure working with Dalriada as trustee to the Memory Lane Cakes Pension Scheme and their advisers to complete this buyout. Planning the project before the buy-in contracts were executed, allocating dedicated resources and establishing a skilled working group across all parties led to a well-controlled process that achieved the Trustee and Sponsor goals in good time,” added Gary Needham, Head of BPA Business Development at Utmost.
Dalriada Trustees was advised by PwC, who brokered the original buy-in and led advice and project management on the buy-out transition. Shoosmiths LLP provided legal advice, and the trustee was also supported by the scheme administrator, Quantum. Utmost Life and Pensions’ legal team was supported by CMS Cameron McKenna Nabarro Olswang.
“Completing buyout in 13 months from the initial buy-in, including undertaking GMP equalisation, is a significant achievement and wouldn’t have been possible without strong collaboration across all parties and the close working relationship between the Utmost transitions team, Dalriada, Quantum and PwC. This transition is a prime example of how focussing on the buyout journey requirements alongside transacting the buy-in followed by subsequent dedicated and active management of the process, can ensure success and deliver brilliant outcomes for the Trustee, sponsor, insurer and Scheme members alike,” said Sam Whalley, Lead Risk Transfer Adviser at PwC.
The deal marks Utmost’s third buy-out in recent months.
