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 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 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.
09:30 - 09:45
Welcome & Introduction
Opening Remarks
Programme Director:
Stephen Glover
Founder & Chief Executive
SG Pensions Enterprise
09:45 - 10:10
The Policy Environment Shaping DB Decision Making
Keynote Presentation
This opening keynote 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.
10:10 - 10:50
10:50 - 11:10
11:10 - 11:35
Networking Break
Networking Activity | Foyer
11:55 - 12:35
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.
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.
12:35 - 12:45
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.
12:45 - 13:35
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.
14:15 - 14:55
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.
15:15 - 15:40
Networking Break
Networking Activity | Foyer
17:05 - 17:15
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.
17:15 - 17:20
Chair's Summary
Closing Remarks
The Chair will conclude the day’s proceedings and reflect on the various opinions discussed throughout the day.
17:20 - 18:30
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