About us
Taking care of customers, now and for the long-term.
Resilient
Built to protect your future and your savings from the risks of an uncertain financial world.
About JAB Pensions
Our mission is to take care of every customer, now and for the long term.
We achieve this by focusing on delivering on our values:
Caring
Treating you with patience, empathy and understanding.
Principled
Holding ourselves to high standards of integrity, honesty and accountability.
Reliable
Doing what we say we will, on time and to a high standard.
Stable
Steady growth and enduring foundations for consistent service year after year.
Responsive
Quick to respond and quick to adapt so we can better serve your needs as markets change.
Who we are
Here when it matters
With roots going back over 260 years, JAB Pensions was built through the purchase of books of insurance companies. We pride ourselves on providing excellent customer service and now provide a safe home for customers with policies originally taken out with over 50 different insurance companies. In 2024, we entered the bulk purchase annuities market, helping pension schemes to de-risk and providing long term security for pension scheme members.
JAB Insurance
Utmost Life and Pensions renamed JAB Life & Pensions
In 2026 Utmost Life and Pensions was acquired by JAB Insurance and renamed JAB Life & Pensions.
JAB Insurance invests in life insurance, annuity and retirement businesses supported by integrated reinsurance and investment capabilities. As JAB Insurance continues to build a leading global life insurance business, its long-term strategy aligns investments with policyholder obligations and focuses on compounding book value through organic and inorganic growth. JAB Insurance has more than $30 billion in assets and more than one million policyholders across the US, the UK and Bermuda.
History of JAB Pensions
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Wider team
Our Board Committees
As well as the main JAB Pensions Board, there are six Board sub-committees.
Board
The main board is responsible for the day-to-day management and conduct of JAB Life & Pensions.
Mike Merrick became Chair in March 2019, when the company was named Utmost Life and Pensions and chairs the main Board, which meets at least four times a year.
Audit Committee
The Audit Committee has responsibility for monitoring the integrity of the JAB Life & Pensions Solvency II and Statutory Accounts, the production of the Solvency & Financial Condition Report (SFCR), internal and external audit processes, and has responsibility for the effectiveness of the internal control framework.
The Committee also has similar delegated responsibilities from the Board of the Equitable Life Assurance Society (ELAS) - now a wholly owned subsidiary of JAB Life & Pensions.
Duncan Finch, who joined the Board in April 2018, chairs the JAB Life & Pensions Audit Committee.
The Audit Committee meets at least four times a year.
With Profits Committee
The With Profits Committee has the objective of advising the main board of JAB Life & Pensions on matters relating to the management of the with-profits funds – so this would include bonus rates, run-off plans, and distribution of any surplus that arises in the funds.
The Committee also has similar delegated responsibilities from the Board of the Equitable Life Assurance Society (ELAS) - now a wholly owned subsidiary of JAB Life & Pensions.
Mike Davies chairs this committee, which meets at least four times a year.
Remuneration Committee
The Remuneration Committee has responsibility for overseeing the JAB Life & Pensions Remuneration Policy, and sets the individual packages for the Executive Directors and Senior Management. It also reviews and recommends any incentive plans to the board, such as the staff bonus scheme.
The Remuneration Committee meets at least twice a year, and is chaired by Simon Wainwright.
Risk & Compliance Committee
The Risk & Compliance Committee's responsibility is to assist the board in its oversight of the risk management and compliance culture, and ensure we are compliant with our legal and administrative requirements.
It also oversees the regulatory capital position, advises the board on our ‘risk appetite’ and risk, control and compliance exposure, sets and monitors our risk management and compliance policies, and ensures the effectiveness of assessment of our current and future risks (known as the ORSA - which is at the heart of the Solvency II directive).
The Committee also has similar delegated responsibilities from the Board of the Equitable Life Assurance Society (ELAS) - now a wholly owned subsidiary of JAB Life & Pensions.
David Baker chairs the JAB Life & Pensions Risk & Compliance Committee, and it meets at least four times a year.
Investment Committee
The Investment Committee has responsibility for recommending the overall strategic investment policy for the JAB Life & Pensions Board’s consideration, and for maintaining oversight and control of our investment activities.
The Committee also has similar delegated responsibilities from the Board of the Equitable Life Assurance Society (ELAS) - now a wholly owned subsidiary of JAB Life & Pensions.
Simon Wainwright chairs the Investment Committee, and it meets at least four times a year.
Nomination Committee
The Nomination Committee has responsibility for ensuring the JAB Life & Pensions Board has a formal, rigorous and transparent procedure in place to manage the appointment of new Board Directors to the Board, and to ensure the Board and its Committees have the appropriate balance of skills, experience, independence and knowledge to enable them to discharge their respective duties and responsibilities effectively.
The Committee also has similar delegated responsibilities from the Board of the Equitable Life Assurance Society (ELAS) - now a wholly owned subsidiary of JAB Life & Pensions.
Mike Merrick chairs the Nomination Committee, which meets at least twice a year.
Our portfolio
Companies whose business is with JAB Pensions
A
- AA Friendly Society
B
- Blue Circle Group Friendly Society
- Booksellers Provident Retreat and Emergency Hardship Fund
- Book Trade Benevolent Society
- British Life Office Limited
- Burslem Mutual Assurance Collecting Society
C
- Charterhouse Japhet Life Assurance Co Ltd
- Charterhouse Magna Assurance Co Ltd
- Congleton Burial Collecting Society
- Criterion Life Assurance Ltd
D
- Domestic Servants' Insurance Society
E
- Equitable Life
- Equitable Life Assurance Society
- Eurolife Assurance Company Limited
F
- Family Life Assurance Limited (1994)
- Farringdon Reliance Friendly Collecting Society
- Farringdon Reliance Mutual Life Insurance Limited
G
- Gilpin
H
- Hampshire and General Friendly Society
- Hearts of Oak Benefit Collecting Society
- Hearts of Oak Benefit Society
- Humane Perseverance Sick and Burial Society
I
- Interlife Assurance Company Limited (1990-1993)
- Investment Annuity Life Assurance Co Ltd
J
N/A
K
N/A
L
- Lifeguard Assurance Limited (LG) 1964 onwards
M
- Magna Assurance Co Ltd
- Monarch
- Multiple Health & Life Assurance Ltd (MHL) 1981 onwards
- Mutual Assurance Fund at the Midland Bank
N
- National Benevolent and Assurance Society
- National Book Trade Provident Institution
- Nation Life Insurance Company Ltd
- North Staffordshire Provident Association
O
- Oxfordshire and United Counties Friendly Society
P
- Property & Equity Life Assurance Company Limited
Q
N/A
R
- Reliance Mutual Insurance Society Limited
- Reliance Mutual Life Insurance Limited
- Royal Berkshire Friendly Society
S
- Saveguard Assurance Ltd
- SEB Trygg Life (UK) Assurance Company Limited
- Sincere Assurance Collecting Society
- Sincere Sick and Burial Society
- South Shields Master Mariners
T
- Templeton Life Assurance Limited (1990-1994)
- Time Assurance Society (1975 – 1990)
U
- Utmost Life and Pensions
- United Women's Insurance Society
- University Life Assurance Society
V
N/A
W
- Western Provident Association
- Wheel Assurance Collecting Society
X
N/A
Y
N/A
Z
N/A
Sustainability vision
Committed to making a positive difference.
Our responsibility to our customers combines with a sense of responsibility in our corporate actions to the environment, to our employees and to the wider society in which we operate in order to maximise the positive impacts we can create.
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