Utmost Life and Pensions has completed its first external pension scheme buyout.
Having entered into a full scheme pension buy-in with the trustees of the Noble Foods Limited Pension Scheme in April 2025, Utmost Life and Pensions has now issued 455 individual buyout policies to scheme members and dependants less than a year after entering into the initial buy-in contract.
Gary Needham, head of BPA business development at Utmost Life and Pension, said: “It’s been a pleasure working with the trustees of the Noble Foods Limited Pension Scheme and their advisers to complete the steps necessary for converting the original buy-in policy to individual buy-out policies and allowing the trustees to commence wind-up of the scheme. This was achieved in less than 12 months, thanks to the preparation that had been undertaken by the trustees before seeking to transact, the responsiveness of the administrators and the skill and care of our dedicated transitions team utilising the unique functionality of our Mantle Administrator software."
The trustees of the Noble Foods Limited Pension Scheme were advised by Isio, and Utmost Life and Pensions' legal team were supported by CMS Cameron McKenna Nabarro Olswang LLP.
