Utmost Life and Pensions has completed its first full scheme buyout, converting a buy-in completed a year ago to individual annuity policies.
The buyout covers 455 members of the Noble Foods Limited Pension Scheme, which Utmost first insured in April 2025.
Gary Needham, head of bulk annuity business development at Utmost, said the trustees’ preparation for the buyout was key to the progress made over the past 12 months.
Louisa Hogarty, chair of the trustee board of the Noble Foods Limited Pension Scheme, added: “We are delighted with the successful completion of this buyout. 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.”
Isio advised on the bulk annuity transaction, and post-transaction lead Deon van Schalkwyk said:
“Completing buyout 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.”
Noble Foods is a supplier of fresh groceries and supplies to a range of retailers across the UK. The pension scheme had £33.9m in assets as of 27 September 2024, according to the company’s latest accounts.
