The Laurel Pub Pension Scheme and the Yates Group Pension Scheme have agreed two buy-ins with Utmost Life and Pensions, totalling a combined £62m.

The deals covers the defined benefit (DB) pension liabilities for all of the schemes’ 650 members and, according to BESTrustees trustee and chair of trustees of both schemes, Andrew Campbell, have "exceeded the objectives set".

"It was a pleasure working with Utmost who impressed us with their flexibility," he stated. "Having been involved with the Laurel Scheme since it was set up in 2001, I am particularly pleased that we have been able to secure its members’ benefits for the future."

The transactions were run by a joint working group of the schemes’ trustees and the sponsoring employer, Stonegate Pub Company Limited, supported by their respective advisors, with Isio acting as the insurance broker, and Eversheds Sutherland LLP providing legal advice.

The combined approach to market was a key factor in the deal, as Isio senior insurance manager, Laura Parker, explained that "presenting both schemes to insurers at the same time led to highly competitive pricing, along with some interesting challenges to navigate".

"Dovetailing the data, benefit and illiquid asset considerations across the two schemes led to an efficient transaction, and optimal value for money for the schemes," she said.

Utmost head of BPA business development, Gary Needham, also highlighted the smaller size of the schemes involved, stating: ‘Utmost was pleased to secure members' benefits for the two schemes, further demonstrating our support for smaller and mid-sized pension schemes.

“Completing the transactions was made easier through continuous positive collaboration with the trustee and their advisers, and with the support of our external legal advisers CMS.’

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