Anti-Virus companies are smart and can pick up all the encoders used in Metasploit. After doing some research I found three different ways run Meterpreter shellcode which work.
1. Run shellcode using dot net https://github.com/mandreko/DotNetAVBypass/
It does require .net framework 4.
2. Run shellcode using python after using pyinstaller to build the python as an executable.
The executable it creates is quite big 3mb.
http://pastebin.com/raw.php?i=rrhcGeHh
The third method which is from
http://www.coresec.org/2011/11/09/fud-payload-generator-for-backtrack/
This generates an executable but uses the mingw32msvc-gcc compiler which is not very widely used so not detected as much by antivirus companies.