The Welsh National Opera Limited Pension Scheme has concluded an £11.1m buy-in with Utmost, securing the benefits of all 158 members of the scheme.

Of those members, 95 were deferred members and 63 were pensioners. The scheme was in surplus when the transaction completed in September, following support from the sponsor, Welsh National Opera Limited.

Welsh National Opera Limited Pension Scheme chair of trustees, Martyn Ryan, said: “Completing this buy-in is an important milestone for the scheme and provides greater long-term security for our members’ benefits.

"The support of Welsh National Opera and the close collaboration between all parties enabled us to navigate the process efficiently."

Utmost head of BPA business development, Gary Needham, added: “Welsh National Opera is a highly respected charitable organisation with a long-standing contribution to the arts and communities across Wales and beyond.

"We are pleased to support the scheme in providing long-term security and certainty for its members.”

Isio was appointed to provide risk settlement advice in January 2026 and acted as lead adviser and transaction manager during the insurer selection process.

Isio senior manager, pensions risk transfer, Matthew Williams, said: “The scheme benefited from strong sponsor support and close engagement throughout the process, which, alongside careful preparation and a competitive insurer process, enabled us to move from appointment to transaction in around nine months.”

Utmost was selected as insurer and completed the transaction, including accommodating a late adjustment to the benefits being insured.

Commenting on the late adjustment, Williams said: “This flexibility, combined with the commitment of the trustees and sponsor, helped us deliver a smooth transaction and secure members’ benefits for the long term.”

Isio also provided actuarial, administration and investment advice to the scheme, while Eversheds Sutherland LLP provided legal advice.

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