Re-imagining Security, Surplus & Long-Term Capital
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 Trinity House 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 30 minutes of CPD credit. You can request for CPD credit for the event when you register.
AGENDA
09:00 - 09:15
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.
09:15 - 09:35
Welcome & Introduction
Opening Remarks
Programme Director:
Stephen Glover
Founder & Chief Executive
SG Pensions Enterprise
09:35 - 10:00
The New DB Endgame Landscape – Choices, Opportunities & Market Realities
Opening Keynote Presentation
This opening presentation explores how evolving government policy, regulation and market conditions are reshaping DB endgame strategies, helping schemes balance member security, long-term value and investment outcomes across an expanding range of options.
10:00 - 10:40
Regulation, Surplus & the Balance between Security & Ambition
Panel Discussion
This panel explores how forthcoming DB policy and regulatory reforms on surplus, consolidation and long-term investment could influence endgame decisions while ensuring member security remains the overriding priority.
Sponsored by Rothesay
10:40 - 11:05
Networking Break
Networking Activity | Foyer
11:05 - 11:30
The Psychology of Board Decision Making in the New DB Landscape
Presentation
This presentation session explores how cognitive biases, risk appetite and organisational culture shape trustee and sponsor decision-making, highlighting the governance, mindset and skills needed to navigate new DB endgame opportunities with confidence.
11:30 - 12:10
Trustee & Sponsor Decision Making, Skills & Re-Risking in a New Paradigm
Panel Discussion
Moderator:
Mike Weston
Professional Trustee
Pi Partnership
This panel explores how trustees are adapting investment and risk strategies to a new DB landscape, balancing greater endgame flexibility, stronger member protections and evolving governance requirements.
12:10 - 12:40
Navigating the Space Between Buyout and Run-On
Case Study Presentation
Matthew Course
Head of Research
IC Select
Peter Dorward
Managing Director
IC Select
This sponsored case study examines how a DB scheme selected M&G’s CDI+ solution, balancing liability matching and cashflow certainty with the potential for future surplus participation through an alternative to full buyout or traditional run-on.
12:40 - 12:50
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.
12:50 - 13:40
Lunch
Devil’s Advocates Panel
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.
13:40 - 14:00
Surplus Sharing & Extraction – The New Rules & New Opportunities
Presentation
This presentation explores how evolving surplus extraction and sharing frameworks are reshaping DB endgame strategies, influencing sponsor behaviour and the balance between risk, value and member outcomes.
14:00 - 14:40
The Market for Illiquids – Divestment, Acquisition & Fair Value
Panel Discussion
This panel examines how the growing market for DB private-asset transactions is creating new opportunities and challenges, exploring evolving approaches to liquidity, pricing and long-term investment across schemes, insurers and intermediaries.
Sponsored by Standard Life
14:40 - 15:20
What Should a Successful DB System Look Like in 10-15 Years?
Roundtable Discussions
This interactive roundtable session explores how the DB endgame should evolve to balance member security, productive investment and a wider range of endgame solutions, with delegates developing practical recommendations for the future.
15:20 - 15:45
Networking Break
Networking Activity | Foyer
16:05 - 16:45
Risk, Resilience & the £2 Trillion Challenge
Panel Discussion
John Chilman
Director
Pensions UK
This panel explores how DB schemes can balance effective risk management with long-term growth, strengthening resilience while delivering sustainable value and secure member outcomes across evolving endgame strategies.
16:45 - 17:15
Who Owns Surplus? The Next Great Debate in UK Pensions
Closing Keynote Presentation
This closing keynote examines the future of DB surplus, exploring the legal, regulatory and ethical questions surrounding how excess assets should be shared between members, sponsors and wider economic growth priorities.
17:15 - 17:25
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.
17:25 - 17:30
Chair's Summary
Closing Remarks
The Chair will conclude the day’s proceedings and reflect on the various opinions discussed throughout the day.
17:30 - 19:00
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
Trinity House, London
This event will be held at Trinity House in London.
Plan your journey via Transport for London.
Travel & Access
Tube:
Tower Hill (District & Circle) - less than a min. walk
National Rail:
Fenchurch Street - 5 mins walk