Running On or Cashing Out? The Strategic Future for DB Schemes
EVENT OVERVIEW
Corporate DB pensions have been characterised by two decades of de-risking, driven by accounting reforms like FRS 17 and FRS 102, which mandated both the reporting of pensions liabilities on company balance sheets and discounting at low yields, all exacerbated by the financial markets crisis, which resulted in 11 years of QE, rock bottom rates and severe pension deficits.
Now, with rates much higher and many schemes exhibiting significant surpluses, the narrative has flipped. The Government is promoting growth and productive investment, while schemes grapple with a regulatory framework still routed in deficit recovery. The 2025 Pension Schemes Bill and a new DB Funding Code mark a complex crossroads.
The conference will explore the key strategic choices now facing scheme sponsors. trustees, providers, advisers and members – from buyout and run-on to surplus extraction, consolidation, and even reopening – through open, lively discussion designed to challenge, inform and inspire.
EVENT INFO
VENUE
This event will be held at the Stationers’ Hall in London.
Attendance to the event is FREE for pension funds, employers, government representatives.
There is a modest fee for asset managers and consultants. You can contact us if you have any queries.
CPD
This event qualifies for 6 hours and 15 minutes of CPD credit. You can request CPD credit for the event when you register.
AGENDA
09:00 - 09:20
Registration & Welcome
Networking Activity | Foyer
Devil’s Advocates Panel
Our morning Devil’s Advocates will challenge speakers with incisive questions throughout the sessions and present their key reflections and takeaways just before lunch.
09:20 - 09:35
Welcome & Introduction
Opening Remarks
Programme Director: Stephen Glover, Founder & Director, SG Pensions Enterprise
09:35 - 10:05
The "State of the Union" for Private DB Schemes
Keynote Presentation
Sponsored by BlackRock
This keynote session will provide a data-driven overview of the evolving private DB pensions landscape, examining shifting stakeholder priorities, regulatory developments, improved funding, and emerging endgame options, alongside insights from market analysis and consolidation trends.
10:05 - 10:45
A Tour of the Endgame Alternatives
Panel Discussion
This session brings together experts across the pensions landscape to explore the full spectrum of DB endgame options— from run-on to risk transfer—offering insights into shifting market dynamics and the key choices sponsors and trustees must navigate.
Sponsored by Rothesay
10:45 - 11:10
The Pros & Cons of the Insurance Solution
Fireside Chat
This session examines the true cost and value of insurance-based risk transfer for DB schemes, weighing the appeal of certainty and de-risking against the loss of future upside, flexibility, and member benefit enhancements.
Sponsored by Just Group
Sponsored by Mercer
11:10 - 11:35
Networking Break
Networking Activity | Foyer
11:35 - 12:00
Shared Ambition & The DB Non-Endgame
Interview
Peter Cameron Brown
Chair
UKAS Pension Trustee Company
This session explores the Shared Ambition model as a groundbreaking alternative to traditional DB endgames, showcasing how surplus can be strategically used to enhance member benefits and support business goals—without resorting to buyout or run-on.
12:00 - 12:40
The Key Endgame Decision Factors
Roundtable Discussions
Ashu Bhargava
Senior Director - Retirement, WTW
This interactive roundtable will engage delegates in exploring the key and evolving factors shaping DB endgame decisions—such as scheme size, funding level, covenant strength, and sponsor priorities—with insights shared across the wider conference.
12:40 - 13:05
The Bigger Picture – Making the Endgame Work for Members
Presentation
This session offers a member-focused perspective on the DB endgame, drawing on the Royal Mail’s CDC experience to advocate for innovation, inclusion, and long-term thinking as essential to delivering sustainable outcomes and resisting a narrow focus on risk transfer.
13:05 - 13:15
Devil’s Advocates Summary
The Devil’s Advocates will give their summary of the main debating points, conclusions and action points from the morning sessions.
13:15 - 14:05
Lunch
Devil’s Advocates Panel
John Ashworth
Chief Investment Officer, Littlewoods Pension Scheme
Deepa Driver
Lecturer, University of Reading
Throughout the afternoon, our panel of Devil’s Advocates will challenge speakers with thought-provoking questions and close the day by sharing their key insights and takeaways from the discussions.
14:05 - 14:25
From Risk Transfer to Values Transfer - The Evolving Buyout Proposition
Presentation
This session will explore how the shift from deficit recovery to surplus management is reshaping DB scheme strategy, as stakeholders navigate evolving advisory models, investment approaches, and innovative ways to deploy surplus for mutual benefit.
Sponsored by Standard Life
14.25 - 15:00
The New World of Surplus Management
Panel Discussion
This session will explore how the shift from deficit recovery to surplus management is reshaping DB scheme strategy, as stakeholders navigate evolving advisory models, investment approaches, and innovative ways to deploy surplus for mutual benefit.
Sponsored by LCP
15:00 - 15:25
Jam Today Vs Jam Tomorrow - Weighing the endgame options through the lens of surplus release
Presentation
Explore how much surplus can really be released — and when — as expert speakers unpack the trade-offs between immediate value and long-term gains across DB endgame options, both within and outside the pensions regime, in this essential session for trustees and sponsors.
Sponsored by M&G Investments
15:25 - 16:00
Sustainability in the DB Endgame
Panel Discussion
This panel will examine how DB endgame strategies can support broader sustainability goals—balancing de-risking with investment in productive finance and net zero—while navigating the evolving roles of illiquid assets, insurer appetites, and regulatory frameworks.
16:00 - 16:10
Devil’s Advocates Summary
The Devil’s Advocates will give their summary of the main debating points, conclusions and action points from the afternoon session.
16:10 - 16:15
Chair's Summary
Closing Remarks
The Chair will conclude the day’s proceedings and reflect on the various opinions discussed throughout the day.
16:15 - 17:45
Drinks Reception
Networking Activity | Foyer
Following conclusion of the conference, delegates are invited to stay for drinks and network with fellow members of the industry.
Sponsors
Click on images for more information
Venue
Stationers' Hall, London
This event will be held at Stationers’ Hall in London.
Plan your journey via Transport for London.
Travel & Access
Tube:
St. Paul's (Central) - approx. 5 min walk;
Blackfriars (Circle & District);
Bank (Central, Northern, Waterloo & City) - approx. 10 min walk
National Rail:
Ludgate Hill (Thameslink) - approx. 3 min walk;
Blackfriars - approx. 10 min walk;
Cannon Street - approx 15 mins walk.