Regulatory developments around surplus extraction, combined with stronger funding positions, are reshaping how DB schemes define success. While buy-out remains a well-established route, it is no longer the only credible destination.
This blog series brings together our latest thinking on the evolving DB endgame landscape, covering the key strategic options, their trade-offs, and the role of advanced modelling in supporting better decisions.
Each article explores a different dimension of the journey. Together, they provide a structured framework to help trustees and sponsors make informed, scheme-specific decisions.
Explore our Endgame blog series
-
Article 1
-
Article 2
-
Article 3
-
Article 4
-
Article 5
-
Article 6
-
Article 7
Is Buy-Out Still the Default Endgame for DB Pension Schemes?
Recent regulatory changes are prompting a rethink of long-held assumptions. This article explores why buy-out, while still appropriate in many cases, is no longer automatically the default choice, and why schemes are reassessing their endgame strategies.
Comparing Three Endgame Routes for DB Schemes: Buy-Out, Captive Insurance and Run-On
A clear framework for the three primary endgame options now available. This article outlines how each route works and when it may be appropriate, helping decision-makers navigate an increasingly complex landscape.
Running On a DB Pension Scheme: Opportunity, Risk and Regulation
Run-on is emerging as a viable strategy for well-funded schemes. This piece explores how it can generate surplus and increase flexibility, while highlighting the risks that must be actively managed.
Captive Insurance Buy-Ins: An Alternative to Traditional Buy-Out
For schemes seeking both risk transfer and value retention, captive insurance offers a compelling alternative. This article explains how the structure works and why it is gaining attention among sponsors.
Why DB Endgame Decisions Are Inherently Scheme-Specific
There is no one-size-fits-all solution. This article explores the key factors, funding level, covenant strength, maturity and risk appetite, that drive endgame outcomes and decision-making.
Captive Insurance vs Run-On: What Do the Numbers Say?
An outcomes-based comparison of two leading alternatives. This piece focuses on the trade-offs between return, risk and capital requirements, and why assumptions matter.
→ Released on the 14th May
Why Stochastic ALM Is Critical for DB Endgame Decisions
Robust decision-making requires more than deterministic analysis. This article explains how stochastic ALM helps trustees and sponsors assess risk, uncertainty, and long-term outcomes across strategies.
→ Released on the 28th May
Making the right endgame decision requires more than a single perspective.
Our whitepaper brings together the full series, deeper analysis, and additional insights to support strategic decision-making.
Why this matters now
- Endgame decisions are becoming more complex and more consequential
- Regulatory change is unlocking new opportunities and risks
- Alternative strategies require deeper analysis and governance
- Small differences in assumptions can lead to materially different outcomes
For trustees, sponsors and investment leaders, the challenge is clear: make informed, defensible decisions in an increasingly uncertain environment.
Get in touch to discuss how we can support your endgame strategy.
Connect with Ashish, Selina and Ben to continue the conversation.
Contact
Ben Hudson
Senior Consultant
Ashish Doshi
UK Insurance Lead