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.