LONDON - Utmost Life and Pensions has officially entered the bulk purchase annuity (BPA) market, after successfully completing transactions with two external pension schemes in the last quarter of 2024. The company’s move into this sector is part of its strategy to capture a share of the burgeoning pension risk transfer market in the United Kingdom (TADAWUL:4280), which is expected to see over £400 billion in transaction volumes over the next ten years.
The transition into the BPA market is being spearheaded by newly appointed Chief Executive Officer Andrew Stoker, succeeding Stephen Shone. Stoker, a qualified actuary with a wealth of experience in financial services, previously served as the Chief Financial Officer at Rothesay for nine years.
Utmost Life and Pensions has assembled a dedicated team of over 20 professionals focused on BPA and has established partnerships with Schroders (LON:SDR) and Mantle Services to enhance its capabilities in asset management, client administration, and the overall onboarding process. These developments aim to provide efficient and high-quality services to clients and customers.
The company has built a significant pipeline for 2025 and aims to achieve a market share of over 5% within the next five years. Paul Thompson, Group CEO of Utmost Group, praised the role of former CEO Shone in repositioning the company and expressed confidence in Stoker’s leadership to grow their presence in the BPA market.
Stoker expressed his optimism about the company’s potential, citing the strength of the team and their commitment to customer service. He emphasized the importance of offering a competitive option for pension scheme trustees and members.
This strategic move is based on a press release statement from Utmost Life and Pensions. The company’s entry into the BPA market is part of a broader industry trend towards pension risk transfer solutions, with Utmost Life and Pensions positioning itself as a new player in this competitive landscape.
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