Utmost Life and Pensions has completed its first external pension scheme bulk purchase annuity buy-out.
Having entered into a full scheme pension buy-in with the trustees of the Noble Foods Limited Pension Scheme in April 2025, Utmost Life and Pensions has now issued 455 individual buy-out policies to scheme members and dependants less than a year after entering into the initial buy-in contract.
We are delighted with the successful completion of this buy-out. The transition has provided our members with security and clarity for the future, and we appreciate the professionalism and commitment demonstrated by all parties throughout the process. Achieving this outcome in such a timely manner is a testament to the collaborative efforts involved,” said Louisa Hogarty, Chair of the Trustees of the Noble Foods Limited Pension Scheme.
“It’s been a pleasure working with the Trustees of the Noble Foods Limited Pension Scheme and their advisors to complete the steps necessary for converting the original buy-in policy to individual buy-out policies and allowing the Trustees to commence wind-up of the scheme. This was achieved in less than 12 months, thanks to the preparation that had been undertaken by the Trustees before seeking to transact, the responsiveness of the administrators and the skill and care of our dedicated transitions team utilising the unique functionality of our Mantle Administrator software,” added Gary Needham, Head of BPA Business Development at Utmost.
The trustees of the Noble Foods Limited Pension Scheme were advised by Isio, and Utmost Life and Pensions’ legal team were supported by CMS Cameron McKenna Nabarro Olswang.
“Completing buy-out in under a year was a significant achievement, reflecting an ambitious timetable and strong collaboration across all parties. The Utmost and Isio transition teams, supported by the Trustees and other advisers, were instrumental in delivering the post‑transaction phase, and we look forward to working on future Utmost transactions,” said Deon van Schalkwyk, Post‑Transaction Lead at Isio.
