Consultants Isio has facilitated a £20m buy-in transaction for an unnamed defined benefit scheme in the UK.
Isio led on brokering the deal and advising on the covenant of the scheme’s insurer, Utmost Life and Pensions, in addition to their role as full services trustee adviser and scheme actuary.
“We’re thrilled to have played a part in this successful buy-in with Utmost, supporting the trustee in achieving a secure and stable outcome for the scheme. The team’s expertise in brokering and covenant advice helped the trustee make informed decisions and ensured an efficient process from start to finish,” said Thomas Ridley, Senior Manager at Isio.
This transaction marks a significant addition to the bulk purchase annuity market, particularly at the smaller end.
“We are delighted to have had the opportunity to work with the trustee and their advisers to successfully complete this buy-in and secure a positive outcome for their members. The speed with which the transaction was completed is testament to the collaborative and pragmatic partnership between all parties involved,” said Gary Needham, Head of BPA Business Development at Utmost.
“Working in collaboration with Isio, DLA Piper, the trustees, and scheme sponsor, we quickly recognised the strength of Utmost’s proposition. Significant time and planning had gone into their entry into the BPA market, which meant the process ran incredibly smoothly. It’s great to see another capable and competitive player in this space, providing options for smaller schemes where choice has been limited,” added Chris Halewood, Client Director at Vidett.