News Publication date May 21, 2026
Utmost Life and Pensions completes the buyout of the PJH Group Pension Scheme
Utmost Life and Pensions today announces that it has completed a buyout of the PJH Group Pension Scheme.
Having entered into a full scheme pension buy-in in respect of the PJH Group Pension Scheme in October 2024, Utmost Life and Pensions has now issued 172 individual buyout policies to scheme members and dependants.
As part of the conversion from buy-in to buy-out, Utmost Life and Pensions provided additional support to the Trustee with GMP equalisation, with the equalised benefits going live on Utmost Life and Pensions' administration platform at the point of buyout, saving the Trustee the administrative and cost burden of implementing GMP equalisation on their administrator's platform prior to completing the transition.
Gary Needham, Head of BPA Business Development, said: “We've enjoyed working with the trustees of PJH Group Pension Scheme and their advisors to complete the steps necessary to complete this buyout. Equalising GMP benefits as part of the conversion from buy-in to buyout added some new challenges for us but the process was successful thanks to the hard work of the teams involved and the functionality of our Mantle software."
On behalf of the Trustees, Chris Halewood, Client Director at Vidett said: “To complete the transition from buy-in to buy-out within 18 months is a fantastic achievement and testament to the hard work and cooperation of all parties involved. As with all complex transactions, there were some challenges to overcome, but with a strong team of professional advisers, a pragmatic and helpful insurer, and not least a Sponsoring Employer that was willing to fully support the Trustees along the way, we were able to achieve a successful outcome for the scheme members.”
The Trustee of the PJH Group Pension Scheme was advised by Isio, and Utmost Life and Pensions' legal team were supported by CMS Cameron McKenna Nabarro Olswang LLP.
