Twenty smaller DB schemes have joined Isio’s specialist endgame solution in its first year since launch.
This PenUltimate Micro proposition helps schemes with fewer than 100 members progress towards buy-in, buy-out and wind-up. These 20 schemes joined to date range in size from under £1m to around £15m.
The solution has already completed two buy-in transactions, with the first transaction completing just seven months after appointment. Many of the remaining schemes are expected to complete buy-ins before the end of the year.
Since the first scheme joined in July 2025, Isio has completed buy-ins for the Pension and Life Assurance Plan of the Godolphin Company Limited and The Graham Asset Management Pension and Life Assurance Scheme,
This comes as insurer engagement with smaller schemes continues to increase. Isio points out it has completed transactions with two insurers, but is now seeing interest from six of the UK’s 10 bulk annuity providers. It says it expects to have transacted with four different insurers before the end of the year, reflecting a broader trend across the market as insurers expand their offerings for well-prepared smaller schemes.
Building on the solution, Isio has also developed PenUltimate Micro+ for schemes that require more time before they are financially ready to insure. The service enables Isio to support schemes earlier in their de-risking journey by providing administration, actuarial, investment and governance services to help them become operationally ready for insurance, before continuing to support them until funding levels and market conditions allow a transaction to proceed. This enables schemes to move quickly when opportunities arise.
With a strong pipeline of new appointments, Isio expects to double the number of schemes using PenUltimate Micro over the next 12 months.
The need remains significant, with the Pension Protection Fund’s 2025 Purple Book identifying almost 1,800 defined benefit pension schemes with fewer than 100 members. As funding levels continue to improve and insurer appetite for smaller schemes grows, Isio expects increasing numbers of trustees to explore insurance as an endgame solution.
Isio insurance director Christian Costi says: ”Reaching 20 schemes in the first year of PenUltimate Micro shows that there is strong demand from smaller schemes for a structured route towards insurance. These schemes often face the same regulatory and governance challenges as much larger arrangements but have fewer resources available to manage them.
“We’re also seeing the market evolve. More insurers are engaging with smaller schemes and developing dedicated solutions, creating greater choice for trustees and making insurance a realistic option for more schemes than ever before.”
Isio director Rob Hammond adds: “PenUltimate Micro+ is a natural extension of the solution. Not every scheme is immediately ready to transact, but many want to begin preparing well in advance. By helping schemes become operationally ready before they are financially ready, trustees are better placed to take advantage of market opportunities when the timing is right.”