Utmost Life and Pensions has completed the bulk purchase annuity buy-out of the Reliance Pension Scheme.
In February 2025, Utmost Life and Pensions entered into an agreement with the trustees of the Reliance Pension Scheme that, following completion of a data cleaning exercise, Utmost Life and Pensions would issue individual buy-out policies to scheme members and dependants.
In March 2026, following data cleaning, Utmost Life and Pensions issued 453 individual policies to secure scheme benefits. At the same time, the company sponsored AVC policy was converted into individual AVC policies.
“As Utmost Life and Pensions is the sponsor of the Reliance Pension Scheme, we took the decision to skip the buy-in phase of de-risking and to move straight to buy-out. MacFarlanes provided invaluable legal assistance with this innovative approach to pension de-risking and First Actuarial, the scheme’s administrators, proved to be both responsive and efficient through the process. I’d like to take this opportunity to thank the Reliance Pension Scheme trustees for their services to the scheme and its members,” said Andrew Stoker, Chief Executive Officer.
“We are pleased to have secured member benefits and AVCs with Utmost Life and Pensions in this innovative transaction,” added James Rickards, Director at Law Debenture and Chair of the Trustees.
Legal advice was provided to the Trustees by Herbert Smith Freehills Kramer.
