Utmost Life and Pensions has appointed Schroders to manage its nearly £400m annuity book, following its entry into the bulk purchase annuity (BPA) market.

The nearly £400m annuity book includes two agreements with external pension schemes completed by Utmost Life and Pensions in Q4 2024, with those assets having transitioned to Schroders in late 2024.

As part of the partnership, Utmost Life and Pensions is expected to benefit from Schroders' insurance asset management capabilities, including insurance solutions and relevant market support through pricing and bidding, and solutions liability-driven investing and trading teams who will be responsible for derivative hedging in portfolios.

Commenting on the appointment, Schroders Solutions executive chairman, James Barham, said: “Utmost Life and Pensions has developed a strong and credible offering to address the significant demand for pension risk transfer in the UK, having established a healthy pipeline for 2025.

"We are delighted to partner with Utmost to support the firm in achieving its investment objectives.”

Utmost Life and Pensions chief investment officer, Craig Baker, added: “We are pleased to be working in partnership with Schroders during this exciting time for Utmost Life and Pensions.

"Schroders' expertise will play an important role in shaping the compelling proposition we are building for pension scheme trustees and members. Together, we are confident that we can deliver innovative solutions that meet the evolving needs of our clients.”

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