Utmost Life and Pensions has entered the bulk purchase annuity (BPA) market, forming a team of over 20 people and completing transactions with two pension schemes in late 2024.
The company says it wants to address the UK’s increasing need for pension risk transfer, as the BPA market is predicted to grow to be worth over £400 billion in the upcoming ten years.
It provides pension plans with a fresh way to guarantee members’ benefits and has established a robust pipeline for 2025. As part of its expansion plan, Utmost Life and Pensions aims to capture more than 5 per cent of the market in five years.
Andrew Stoker, the CEO, is in charge of this next stage while Stephen Shone is retiring. Previously, Stoker, a certified actuary with nine years of financial services experience, was the CFO of Rothesay.
Utmost Group group chief executive officer Paul Thompson says: “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.”
Stoker says: “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.”
