Utmost Life and Pensions today announces that it has completed a buyout of the Memory Lane Cakes Pension Scheme

Following the full scheme pension buy-in for the Memory Lane Cakes Pension Scheme in June 2025, Utmost Life and Pensions has issued 362 individual buyout policies to scheme members and dependants. This marks Utmost's third buyout in recent months and further demonstrates the efficiency of its single-platform approach to pricing and administration, which can simplify each stage of the buy-in to buyout process.

Gary Needham, Head of BPA Business Development, said:

“It has been a pleasure working with Dalriada as trustee to the Memory Lane Cakes Pension Scheme and their advisers to complete this buyout. Planning the project before the buy-in contracts were executed, allocating dedicated resources and establishing a skilled working group across all parties led to a well-controlled process that achieved the Trustee and Sponsor goals in good time.”

On behalf of Dalriada Trustees, Fay Robinson said:

“Reaching buyout is the culmination of a carefully managed de-risking journey and an important milestone in the Scheme’s history. Throughout the process, the Trustee's focus has been on maintaining strong governance, robust decision-making and clear communication with members while working towards a long-term solution. We are pleased to have successfully completed the transition to individual policies with Utmost and would like to thank all advisers and stakeholders whose expertise and commitment helped bring the project to a successful conclusion".

Steven Hill, CFO, Finsbury Food Group, on behalf of Memory Lane Cakes said:

"We are delighted to have worked alongside the Trustee to achieve this excellent outcome for members of the Memory Lane Cakes Pension Scheme. The completion of the buyout provides members with enhanced security through the transfer of their benefits to a highly reputable insurer. This has been a significant project over a number of years, and we are grateful to all those involved in helping deliver a solution that safeguards members' benefits and brings certainty for the future."

PwC lead risk transfer adviser, Sam Whalley, said:

“Completing buyout in 13 months from the initial buy-in, including undertaking GMP equalisation, is a significant achievement and wouldn’t have been possible without strong collaboration across all parties and the close working relationship between the Utmost transitions team, Dalriada, Quantum and PwC. This transition is a prime example of how focussing on the buyout journey requirements alongside transacting the buy-in followed by subsequent dedicated and active management of the process, can ensure success and deliver brilliant outcomes for the Trustee, sponsor, insurer and Scheme members alike.”

Quantum Advisory, administration provider, James Bird, said:

“Working alongside the Trustee, Utmost and the wider adviser team to deliver a smooth, quick transition from buy-in to buyout has been a pleasure. From an administration perspective, early investment in data cleansing and benefit validation, combined with the efficient completion of GMP equalisation, helped establish a strong foundation for the project. Maintaining a disciplined approach to data and project governance throughout the transition ensured member benefits were transferred accurately and securely, supporting a successful conclusion to the Scheme’s journey.”

Dalriada Trustees was advised by PwC, who brokered the original buy-in and led advice and project management on the buyout transition. Shoosmiths LLP provided legal advice and the Trustee was also supported by the scheme administrator, Quantum. Utmost Life and Pensions' legal team were supported by CMS Cameron McKenna Nabarro Olswang LLP.