Isio has launched a new service designed to support small to mid-sized defined benefit (DB) schemes in overcoming operational bottlenecks and reach buyout more quickly.

The service, called PenUltimate, looks to bring together administration, actuarial, investment, data, and broking capabilities into one offering, aiming to remove the potential friction that can arise when multiple providers are involved.

Isio noted that although many schemes were now well funded, they often struggled to complete endgame deals due to administrative delays, poor data quality, and limited broking support.

It argued that operational readiness had become as important as financial strength due to insurers being increasingly selective about which schemes to engage with.

Through PenUltimate, schemes will be able to change administrator close to buy-in with an endgame-focused transition.

This combines data cleansing, preparation of a benefit specification, and the prioritisation of GMP equalisation and other data rectification projects, alongside insurance broking capabilities for smaller schemes.

Each project will be managed using Isio’s digital trustee engagement platform Ensure, aiming to give trustees clarity and oversight of the end-to-end process.

The service is primarily aimed at schemes of up to £250m, but it also offers a specialist pathway for well-funded schemes with fewer than 100 members.

“PenUltimate gives small to medium-sized schemes a clear route through the final stage of their journey to buyout and wind-up,” said Isio head of trustee services, Andrew Goddard.

“It tackles the practical barriers that too often hold them back - from slow administration to fragmented advice and inconsistent data.

“The name reflects its purpose: it’s the second-to-last move that matters - the step that clears the path to the final transition.”

Isio partner, insurance and settlement, Nick Johnson, added: “It's an exciting time for schemes, with increasing funding levels, competitive insurance pricing and new and emerging alternative solutions.

"This creates opportunities but also shifts the problem from finding the right solution, to finding the best adviser to deliver it.

“For too long, smaller schemes have been told to wait their turn while larger deals take priority. The reality is that many are financially ready, but face delays caused by outdated processes or a lack of joined-up support.

“PenUltimate changes that dynamic by prioritising GMP equalisation and other data projects for schemes at the point of administration transition, getting them data ready ahead of their final move to insurance.”

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