Utmost Group - Utmost Life and Pensions Enters BPA Market

09 January 2025

Utmost Life and Pensions Enters Bulk Purchase Annuity Market

Utmost Life and Pensions confirms its successful entry into the bulk purchase annuity (BPA) market, having appointed new leadership, built a team of over 20 people focussed on BPA and successfully transacted with two external pension schemes in Q4 2024.

The company, building on its existing annuity business, has established a strong and credible offering to address the significant demand for pension risk transfer in the UK. With the BPA market projected to generate over £400 billion in volumes over the next decade¹, Utmost Life and Pensions offers a new and attractive choice for pension schemes to secure their members' benefits.

The next phase of Utmost Life and Pensions' strategy is being led by Chief Executive Officer, Andrew Stoker, who has been appointed following the retirement of Stephen Shone. Andrew is a qualified actuary with extensive financial services experience. He was most recently the Chief Financial Officer at Rothesay, a position he held for nine years.

Utmost Life and Pensions has established a strong pipeline for 2025 and is confident it can deliver on its growth ambitions which incorporate a target market share of over 5% within 5 years. To support this growth and deliver high quality client and customer service, Utmost Life and Pensions has, in addition to the team of over 20 experts, developed partnerships with Schroders and Mantle Services. These strengthened capabilities enable Utmost Life and Pensions to provide an efficient onboarding process, in-house client administration, market leading asset management, and seamless migration from buy-in to buy out.

Paul Thompson, Group Chief Executive Officer, Utmost Group, commented: "I would like to take this opportunity to thank Stephen for his contribution to Utmost and for being instrumental in pivoting Utmost Life and Pensions from a closed book life consolidator to an active participant in the BPA sector. Andrew's experience will be invaluable in continuing to strengthen our offering and further penetrating the large and attractive bulk purchase annuity market. It is pleasing to see that external pension schemes are already recognising the valuable addition that Utmost is making to the sector."

Andrew Stoker, Chief Executive Officer, Utmost Life and Pensions, said: "Since joining Utmost, I have been impressed by the calibre of the team and its strong ethos of customer service. Utmost Life and Pensions now has a strong platform for competing in the BPA market and we are building a compelling proposition for pension scheme trustees and members. I am excited by the opportunity to lead the next phase of Utmost's BPA strategy."

1. LCP Pension Risk Transfer Report - October 2024

For further information, please contact:

Utmost Group plc

Utmost Group Press

Tel: +44 (0)203 861 4343 / Email: press@utmostgroup.com

Temple Bar Advisory

Alex Child-Villiers / Sam Livingstone / Alistair de Kare-Silver / Juliette Packard

Tel: +44 (0)20 7183 1190 / Email: utmost@templebaradvisory.com 

About Utmost Group plc

Utmost Group plc is a leading provider of insurance and savings solutions. Its principal businesses are Utmost International and Utmost Life and Pensions, which together are responsible for £109bn of primarily unit-linked policyholder assets for over 500,000 policyholders, on a proforma basis at HY 2024 following the acquisition of Lombard International Assurance Holdings Sarl. Utmost Group plc is subject to group supervision by the PRA.

About Utmost Life and Pensions

Utmost Life and Pensions operates both a closed UK life and pensions business and a bulk purchase annuity business. Utmost Life and Pensions manages £5.6bn of primarily unit-linked policyholder assets on behalf of over 290,000 policyholders. Utmost Life and Pensions is authorised by the PRA and regulated by the FCA and the PRA.