Utmost Life & Pensions

What Utmost Life & Pensions does

Utmost Life and Pensions is a UK life and pensions provider that manages a closed book of legacy life insurance, with-profits, unit-linked, personal, and group pension policies inherited from multiple predecessor entities including Reliance Mutual, Equitable Life (UK business transferred January 2020), Hearts of Oak, Criterion Life, Burslem Mutual, Nation Life, Family Assurance, University Life, Eurolife, SEB Trygg Life, and British Life Office. As of 31 December 2025, the company served approximately 260,000 individual policyholders with £5.6bn in assets under management, operating from its Aylesbury headquarters under PRA authorisation and FCA regulation, with FSCS coverage at 100% of long-term insurance claims. The company operates four with-profits sub-funds (WPSF1, WPSF2, WPSF4, WPSF6) and unit-linked funds managed in part by J.P. Morgan Asset Management, alongside digital policy administration via the MyUtmost portal.

In 2024, Utmost entered the bulk purchase annuity (BPA) market, building a dedicated enterprise sales team with named heads of Business Development, Pricing, Transition, Customer Services, and Legal, and deploying the Mantle Administrator software (provided by Mantle Services) for actuarial valuations, benefits calculations, quotations, and administration. By end of 2025, the BPA franchise had completed 11 full scheme buy-ins totalling £311m in premiums, securing pensions for nearly 4,000 scheme members across clients including Stonegate Pub Company, Noble Foods, Reliance, and PJH Group.

Revenue is generated from BPA premiums (transaction-fee), ongoing life insurance premiums, pension policy management fees, and unit-linked fund management charges. The company is wholly-owned by Utmost Group plc (co-founders Paul Thompson and Ian Maidens plus Oaktree Capital funds), and in December 2025 Utmost Group announced the sale of Utmost Life and Pensions to JAB Insurance for over £5bn, expected to close by mid-2026 subject to regulatory approval.

Name

Utmost Life & Pensions

Legal name

Utmost Life and Pensions Limited

Website

https://utmost.co.uk

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

101–250 employees

Short description

Utmost Life and Pensions is a UK life and pensions provider managing approximately 260,000 policyholders with £5.6bn in assets under management. The company operates legacy with-profits, unit-linked, and pension books alongside a fast-growing bulk purchase annuity franchise, and is being acquired by JAB Insurance for over £5bn.

Ownership category

akta.pro rank

Product category

Life Insurance and Pensions

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Direct Life Insurance Carriers (524113)

SIC

Life Insurance (6311)

akta.pro primary industry

Participating (Dividend) Whole Life Insurance (FSAIABAI)

akta.pro secondary industries

Retirement & Pension Wealth (401(k)/IRA/SIPP/Superannuation Retail) (FSAAAAAJ), Simplified Issue Whole Life / UL Insurance (FSAIABAH)

Keywords

• Life insurance products
• Pension administration services
• Bulk purchase annuities
• With-profits investment funds
• Pension scheme de-risking

Headquarters

HQ city

Aylesbury

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Bulk Purchase Annuity (BPA) Premiums: Revenue generated from bulk purchase annuity transactions where the company takes on pension scheme liabilities in exchange for premium payments from scheme trustees
2. Life Insurance Premiums: Traditional life insurance products including with-profits life assurance policies
3. Pension Policy Management: Ongoing management of transferred pension policies including personal pensions, retirement annuities, and group pension schemes
4. Investment Fund Management: Unit-linked investment funds with associated management charges for pension and life insurance policies

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Utmost Life and Pensions is a UK life and pensions consolidator that underwrites and administers individual life insurance policies, personal and group pension plans, with-profits sub-funds, unit-linked investment funds, and—since 2024—bulk purchase annuities for defined benefit pension scheme de-risking. The company serves approximately 260,000 customers with £5.6bn of assets under management, providing a secure home for policies transferred from Equitable Life, Reliance Life, and other heritage insurers. Core products are administered through the MyUtmost online portal and managed in partnership with J.P. Morgan Asset Management for with-profits investment.

Product overview

Utmost Life and Pensions is a UK life and pensions provider operating as a platform of acquired and consolidated life and pension businesses. Its core products include personal pension plans (Personal Pension Plan, Individual Pension Plan, Managed Pension Plan, Retirement Annuity, Free Standing AVC, Money Purchase Transfer Plan, Wind Up/Transfer Plans), the Utmost Drawdown Plan (flexi-access drawdown), group pension schemes, with-profits sub-funds (WPSF1, WPSF2, WPSF4, WPSF6), unit-linked investment funds, and life insurance. Since 2024, it has entered the bulk purchase annuity (BPA) market, providing buy-in and buy-out policies for defined benefit pension schemes. The MyUtmost online portal provides customer account management. The company also maintains legacy Equitable Life and Reliance Life heritage products for former policyholders, and holds German and Irish Equitable Life policies as a subsidiary. The business was rebranded from Reliance Life to Utmost Life and Pensions in March 2019 and acquired the Equitable Life portfolio in January 2020.

Differentiator

Problem solved

Functional benefit

Brands

• MyUtmost: Online customer portal for policy management
• My Pocket Pension
• Utmost Drawdown Plan

Products and services

• Bulk Purchase Annuity (BPA) Bespoke bulk purchase annuity (pension risk transfer) product through which Utmost acquires defined benefit pension scheme liabilities from trustees via buy-in or buy-out transactions, providing individual policies to scheme members and removing investment and longevity risk from the scheme.
• Utmost Drawdown Plan Flexi-access drawdown pension product allowing customers to access pension savings while keeping remaining funds invested.
• Personal Pension Plan Individual personal pension plan product available to heritage Equitable Life customers who joined Utmost from January 2020.
• Retirement Annuity Retirement annuity product originally issued as Section 226 pension plans.
• Individual Pension Plan Individual pension plan product administered for customers.
• Managed Pension Plan Managed pension plan product with investment management options.
• Free Standing AVC Free-standing additional voluntary contribution plan.
• Money Purchase Transfer Plan Plan enabling transfers of money purchase pension arrangements into Utmost's administration.
• Wind Up Policy / Transfer Plan Policy for scheme wind-up scenarios, available with or without Guaranteed Minimum Pension (GMP) coverage.
• Group Pension Schemes (heritage Equitable Life) Group pension schemes transferred from Equitable Life, including trustee-administered workplace pension arrangements.
• With-Profits Sub-Funds (WPSF1, WPSF2, WPSF4, WPSF6) Conventional with-profits policies distributed across four sub-funds: WPSF1 (Reliance Mutual, Burslem Mutual, Nation Life), WPSF2 (Criterion Life), WPSF4 (Family Assurance Time Retirement Annuity), WPSF6 (Hearts of Oak Friendly Society).
• Unit-Linked Funds Unit-linked investment funds including multi-asset funds, self-select funds, and time-tested investment strategies attached to pension and life insurance policies.
• Life Insurance Life insurance policies including whole life and endowment insurances with with-profits or unit-linked investment options.
• Equitable Life Heritage Policies Policies originally issued by Equitable Life Assurance Society (UK and international individual, and UK and international group pensions), transferred to Utmost on 1 January 2020 and administered by ULP.
• Reliance Life Heritage Policies Policies originally issued by Reliance Life and predecessor companies including Burslem Mutual, Nation Life, Criterion Life, Hearts of Oak, and others.
• MyUtmost Customer Portal Online customer portal where policyholders can register/login to manage their policy, view statements, switch investments, access forms, and use secure messaging.

Quantifiable outcome

• 11 full scheme buy-ins completed by end of 2025
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Ten partnerships are on record, tiered supporting and core.

• VidettsupportingImplementation/ SI/ Consulting Partner · 21 May 2026Client Director at Vidett served as Chair of Trustees for the PJH Group Pension Scheme buyout transaction.
• MacFarlanessupportingImplementation/ SI/ Consulting Partner · 27 March 2026Legal adviser to Utmost Life and Pensions for the Reliance Pension Scheme buyout transaction.
• First ActuarialsupportingImplementation/ SI/ Consulting Partner · 27 March 2026Scheme administrators for the Reliance Pension Scheme, described as responsive and efficient through the buyout process.
• Herbert Smith Freehills KramersupportingImplementation/ SI/ Consulting Partner · 27 March 2026Legal advice provided to the Trustees of the Reliance Pension Scheme.
• IsiocoreImplementation/ SI/ Consulting Partner · 13 November 2025Isio served as insurance broker for the Stonegate Pub Company BPA deals (Laurel Pub Pension Scheme and Yates Group Pension Scheme). Also provides post-transaction lead services and has worked on multiple Utmost BPA transactions.
• CMS Cameron McKenna Nabarro Olswang LLPsupportingImplementation/ SI/ Consulting Partner · 13 November 2025External legal advisers to Utmost Life and Pensions for BPA transactions including Stonegate Pub Company deals.
• Eversheds Sutherland LLPsupportingImplementation/ SI/ Consulting Partner · 13 November 2025Legal advisers to the Trustees of the Laurel Pub Pension Scheme and Yates Group Pension Scheme for BPA transactions.
• Mantle ServicescoreTechnology or Integration · 1 October 2024Mantle Services is a Belfast-based pensions software provider that supported the Noble Foods Limited Pension Scheme buyout through its integrated platform covering actuarial valuations, benefits calculations, quotations, and administration. Appointed in Q3 2024 following competitive procurement.
• ZEDRA Governance Advisory ArrangementcoreImplementation/ SI/ Consulting Partner · 1 January 2024ZEDRA provides independent governance services for Utmost's workplace pension plans and investment pathways, assessing value for money and providing independent consideration of ESG policies.
• J.P. Morgan Asset ManagementcoreTechnology or Integration · 1 January 2019Principal investment manager for the with-profits fund, managing multi-asset investment portfolio (60% shares, 35% bonds, 5% cash) with integrated ESG considerations. UN PRI signatory since 2007.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Phoenix Group: UK's largest long-term savings and retirement business, focused on consolidating closed life and pension funds (Standard Life, ReAssure, SunLife). Direct strategic analogue to Utmost's heritage book consolidation model, with a substantially larger BPA franchise.
• Legal & General: Major UK life insurer and pension risk transfer provider, with an established BPA franchise alongside institutional pension management, retail savings and investment products. Competes with Utmost in BPA while operating a much broader life and pensions portfolio.
• Aviva: One of the UK's largest life, pension and bulk annuity providers, with material BPA volumes alongside wealth, health and general insurance. Overlaps with Utmost across life insurance, pensions and BPA de-risking, though at substantially greater scale and product breadth.
• ReAssure: UK closed-book life and pensions consolidator owned by Phoenix Group. Highly comparable to Utmost's heritage book model — managing inherited life, pension and with-profits policies acquired from multiple insurers over time.
• M&G plc: UK savings, investment and life insurance business managing heritage with-profits, unit-linked and pension books. Directly comparable to Utmost in with-profits and unit-linked heritage management, though with a much larger asset management platform.
• Scottish Widows: UK life, pension and investment brand within Lloyds Banking Group, providing workplace pensions, individual pensions and bulk annuity solutions. Comparable to Utmost in operating a heritage UK life and pensions book combined with institutional BPA activity.
• Canada Life (UK): UK arm of Great-West Lifeco, providing individual and group pensions, life insurance, investment bonds and bulk annuity solutions. Comparable to Utmost as a heritage life and pensions consolidator with growing UK BPA activity.

Direct peers

• Just Group: UK life and retirement specialist providing BPA solutions alongside individual annuities, care plans and defined benefit de-risking products. Closely overlaps Utmost in combining a BPA growth engine with a heritage life and pensions book.
• Rothesay Life: The UK's largest specialist bulk purchase annuity provider, holding over £50bn of pension scheme liabilities. Directly comparable to Utmost as a focused UK BPA player, and notable because Utmost CEO Andrew Stoker was Rothesay's CFO for nine years.
• Pension Insurance Corporation: Major UK specialist bulk annuity insurer managing over £60bn of pension liabilities. Operates a near-identical model to Utmost's BPA business — taking on defined benefit scheme liabilities via buy-in and buy-out transactions for corporate trustees.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Utmost Life & Pensions