An unnamed defined benefit (DB) pension scheme has completed a £20m buy-in with Utmost Life and Pensions.

Isio led on brokering the deal, working in collaboration with the scheme's trustee and legal advisor, DLA Piper.

Isio also advised on the covenant of the scheme's insurer, Utmost Life and Pensions, in addition to their role as full-service trustee adviser and scheme actuary.

The transaction, which will support the scheme's de-risking objectives, was also hailed as a "significant addition" to the bulk purchase annuity (BPA) market, particularly at the smaller end where choice has often been limited.

Isio senior manager, Thomas Ridley, said: "We're thrilled to have played a part in this successful buy-in with Utmost, supporting the trustee in achieving a secure and stable outcome for the scheme.

"The team's expertise in brokering and covenant advice helped the trustee make informed decisions and ensured an efficient process from start to finish."

Utmost Life and Pensions head of BPA business development, Gary Needham, added: "We are delighted to have had the opportunity to work with the trustee and their advisers to successfully complete this buy-in and secure a positive outcome for their members.

"The speed with which the transaction was completed is a testament to the collaborative and pragmatic partnership between all parties involved."

The deal also follows Isio's announcement last month that it planned to acquire K3 Advisory, subject to Financial Conduct Authority (FCA) regulatory approval.

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