Welsh National Opera secures buy-in with Utmost

Utmost is pleased to share details of a recent BPA deal from the following press release from Isio:

The Trustees of the Welsh National Opera Limited Pension Scheme (the “Scheme”) have completed an £11.1 million pension scheme buy-in transaction with Utmost, securing the benefits of all 158 members and materially reducing long-term risk for the Scheme.

The transaction, which completed on 15 September 2026, secures the benefits of 95 deferred members and 63 pensioners and represents an important milestone in the Scheme’s long-term de-risking journey. The Scheme was in surplus at the point of transaction, following strong support from its sponsor, Welsh National Opera Limited, over a number of years.

Isio was appointed to provide risk settlement advice in January 2026 and acted as lead adviser and transaction manager, supporting the Trustees and sponsor through a competitive insurer process. The transaction completed around nine months after Isio’s appointment, with the sponsor closely involved throughout the process to support the lay Trustee board and ensure all parties remained aligned as the transaction progressed.

Utmost was selected as insurer following the competitive process and worked collaboratively with the Trustees and advisers through to completion, including accommodating a late adjustment to the benefits being insured. Isio also provided actuarial, administration and investment advice to the Scheme, while Eversheds Sutherland LLP provided legal advice.

Matthew Williams, Isio, said: “It’s great to have supported the Trustees and Welsh National Opera in completing this transaction. 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 took a collaborative and pragmatic approach throughout, including working with the Trustees and advisers to accommodate a late change to the benefits being insured. 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.”

Martyn Ryan, Chair of the Trustees 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, and we would like to thank Isio, Utmost and Eversheds Sutherland for their support in achieving this outcome.”

Gary Needham, Utmost added: “We are delighted to have worked with the Trustees to secure members’ benefits through this transaction. 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.”

Collette Davies, Eversheds Sutherland said: “We are pleased to have worked with our longstanding client on this important journey, culminating in the execution of the scheme’s buy-in policy with Utmost. This transaction has been a testament to the collaboration, dedication and hard work of the trustee board, the Welsh National Opera, Utmost and all advisers, resulting in a fantastic outcome for members.”