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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.

£1.65bn bulk purchase annuity buy-in secures benefits for all 16,400 scheme members.

Bermuda and, to a lesser extent, the Cayman Islands, have gained popularity among ceding companies amid increased demand for retirement solutions.

Moret has over 20 years of experience in the pensions and insurance industry, including 12 years in the UK BPA market.

£58m bulk purchase annuity partial buy-in secures the pension benefits of the 375 members who were not already insured.

£85m bulk purchase annuity transaction secures the pension benefits of 740 members.

The transaction follows the company’s prior block transactions and two flow transactions in Japan.

£22m bulk purchase annuity transaction secures the benefits of 230 members.

Proposed transaction is expected to complete in mid-2027, subject to regulatory approvals.

£83m full scheme bulk purchase annuity buy-in secures the benefits of all 468 scheme members.