Twenty pension schemes have joined Isio's PenUltimate Micro solution during its first year, according to the pensions, wealth and employee benefits firm.
The solution was developed to help smaller defined benefit pension schemes with fewer than 100 members progress efficiently towards buy-in, buy-out and wind-up.
Isio said PenUltimate Micro has already completed two buy-in transactions, with the remaining schemes at various stages of their insurance journey. The 20 schemes range in size from under £1 million to approximately £15 million.
Since the first scheme joined PenUltimate Micro in July 2025, Isio has completed buy-ins for the Pension and Life Assurance Plan of the Godolphin Company Limited and The Graham Asset Management Pension and Life Assurance Scheme.
The first transaction completed seven months after appointment, with Isio pointing to the transaction as an example of how early preparation can help smaller schemes move efficiently towards insurance. Many of the remaining schemes are expected to complete buy-ins before the end of 2026.
The growth of PenUltimate Micro comes as insurer engagement with smaller schemes continues to increase.
Having already completed transactions with two insurers, Isio said it is seeing interest from six of the UK's ten bulk annuity providers and expects to have transacted with four different insurers before the end of the year.
The firm said this reflects a broader trend across the market as insurers expand their offerings for well-prepared smaller schemes.
Isio has also developed PenUltimate Micro+ for schemes requiring more time before they are financially ready to insure.
The service allows Isio to support schemes earlier in their de-risking journey through administration, actuarial, investment and governance services intended to help them become operationally ready for insurance. Support can then continue until funding levels and market conditions allow a transaction to proceed.
Isio said this approach is intended to enable schemes to move more quickly when opportunities arise.
With a pipeline of new appointments, Isio expects to double the number of schemes using PenUltimate Micro over the following 12 months.
The firm cited the Pension Protection Fund's 2025 Purple Book, which identified almost 1,800 defined benefit pension schemes with fewer than 100 members. Isio expects increasing numbers of trustees to explore insurance as an endgame solution as funding levels improve and insurer appetite for smaller schemes grows.
Christian Costi, Insurance Director at Isio, said:
“Reaching 20 schemes in the first year of PenUltimate Micro shows that there is strong demand from smaller schemes for a structured route towards insurance. These schemes often face the same regulatory and governance challenges as much larger arrangements but have fewer resources available to manage them.
“We’re also seeing the market evolve. More insurers are engaging with smaller schemes and developing dedicated solutions, creating greater choice for trustees and making insurance a realistic option for more schemes than ever before.”
Rob Hammond, Director at Isio, added:
“PenUltimate Micro+ is a natural extension of the solution. Not every scheme is immediately ready to transact, but many want to begin preparing well in advance. By helping schemes become operationally ready before they are financially ready, trustees are better placed to take advantage of market opportunities when the timing is right.”
Source: Isio