Recent regulatory developments are reshaping endgame strategy for UK Defined Benefit (DB) pension schemes. With fewer barriers expected around surplus extraction, buy-out is no longer the only viable option.

This whitepaper explores alternative endgame strategies, including running schemes on to generate additional surplus and buy-in via a sponsor’s captive insurance. Using stochastic Asset-Liability Modelling (ALM), we compare these options through case studies of a £3bn closed DB scheme, analysing their risk, return and cashflow outcomes across a wide range of economic scenarios.

The analysis highlights why endgame decisions are inherently scheme-specific and how ALM can help trustees and sponsors identify the option best aligned with their objectives.

Download the whitepaper to explore the findings in more detail.

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