Isio has become the latest consultancy group to launch a dedicated service to help small defined benefit (DB) pension schemes navigate the bulk annuity market.
The company’s PenUltimate service is aimed at DB schemes with less than £250m in assets, and is designed to help with administration and operational challenges connected to bulk annuities, such as data cleansing and benefit specification, including guaranteed minimum pension equalisation. It also bundles in actuarial, investment, and insurance broking.
The service also includes a ‘micro’ option for schemes with fewer than 100 members, which aims to achieve full buyout within two years for well-funded schemes.
“Many schemes are now well funded but struggle to complete endgame transactions due to administrative delays, poor data quality and limited broking support,” Isio said in a statement. “With insurers increasingly selective about which schemes they engage with, operational readiness has become as important as financial strength.”
The company estimates that there are “thousands” of schemes that could quickly get themselves ready for the bulk annuity market with the right support. It has already used the PenUltimate tool with “several smaller schemes”, Isio said.
Nick Johnson, partner in the insurance and settlement team at Isio, said improving funding levels and competitive bulk annuity pricing meant there were opportunities for pension schemes.
“For too long, smaller schemes have been told to wait their turn while larger deals take priority,” Johnson said. “The reality is that many are financially ready, but face delays caused by outdated processes or a lack of joined-up support.”
Small scheme buy-ins driving bulk annuity market as streamlined services thrive
Bulk annuity transactions worth less than £100m accounted for more than 85% of all deals completed in the first half of last year, according to LCP, compared to 78% for for the whole of 2024 and around 70% in 2022 and 2023. Read the full article.
Cheesemaker spreads pension risk with £6.6m buy-in
Primula, a cheese spread manufacturer, has insured its defined benefit (DB) pension scheme through a full-scheme buy-in with Pension Insurance Corporation (PIC).
The £6.6m transaction covers all 74 members of the Primula Limited Pension Scheme, and was completed at the end of 2025. The sponsoring employer, Primula, is part of Norwegian food company Kavli Group.
Barnett Waddingham was the lead adviser on the transaction, with DLA Piper providing legal advice. PIC was advised by CMS.
Sarah Marshall, chair of trustees for the Primula Limited Pension Scheme, said: “Working with PIC was smooth, efficient, and the team showed how they could fully support our members with strong customer service and financial security, so we know we’ve made the right decision.”
Adam Walker, risk transfer partner at Barnett Waddingham, said: “This transaction demonstrates how careful preparation and collaborative working can make a swift risk-controlled execution phase possible.”
