Please note: this programme is subject to change

Programme

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Registration and Breakfast
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Welcome and Opening Remarks
Speaker
Holly Roach
Deputy Editor
Professional Pensions
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DB Planning in a Changing Landscape
With many DB schemes now in stronger funding positions, the focus for trustees and employers is increasingly shifting from deficit recovery to endgame planning. The Pension Schemes Act 2026, the DWP’s consultation on surplus flexibilities and forthcoming TPR guidance are also shaping discussions around long-term objectives, surplus release and trustee decision-making.

This opening keynote will set the scene for the day, exploring how the DB landscape is evolving, what these developments mean for endgame planning, and how expectations on trustees are changing as schemes consider their next steps.
Speaker
Katie Suter
Regulatory Theme Lead
The Pensions Regulator
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Navigating the Final Mile: Getting from Buy-in to Buyout
As more schemes reach the later stages of their endgame journey, the period between buy-in and full buyout is becoming an increasingly important focus.

While buy-in is a major milestone, schemes can still face significant legal, financial and administrative hurdles before the final transfer to buyout is complete. This session will explore how trustees and sponsors can prepare for buyout, avoid unnecessary delays and ensure a smoother transition for members.

This session will address:
  • The key challenges schemes face between buy-in and buyout
  • How to prepare data, benefits and documentation effectively
  • Legal, administrative and financial issues that can delay completion
  • Hidden costs and residual risks trustees should be aware of
Speaker
Ewan Miller
Principal and Senior Consulting Actuary
Howden
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Networking Break
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Investing for the DB Endgame: Rethinking Strategy in a Low Credit Spread Environment

For many DB pension schemes, investment grade credit has long been the cornerstone of endgame investing. But with credit spreads remaining close to historic lows, trustees and advisers face an important strategic question: does the traditional playbook still apply?

This session explores how schemes targeting buyout or running on can approach endgame investing when valuations challenge conventional thinking. We'll consider the role of credit in today's environment, where a broader opportunity set may add resilience, and discuss how investors can position portfolios for an evolving endgame landscape.

Bringing together long-term market perspectives and current investment thinking, the session will offer practical insights for trustees and advisers navigating endgame decisions in today's market environment.

Speaker
Lawrence Phillips
Head of Endgame Solutions
Schroders
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Reframing the Endgame Debate: The Role of Superfunds in the Evolving DB Landscape
As superfunds become an increasingly recognised endgame solution, trustee boards are reassessing where they sit alongside buyout, run-on and other long-term approaches. Drawing on recent market activity, completed transactions and industry insights, Steve Collins, Head of Superfund at TPT Retirement Solutions, will examine the types of schemes that may benefit from a superfund, the circumstances in which they can be a suitable option, and how they are broadening the range of strategic choices available to trustees and sponsoring employers.
    Speaker
    Steve Collins
    Head of Superfund
    TPT Retirement Solutions
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    Lunch
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    Run-On, Surplus and the Future of Endgame

    The growth in the number of DB schemes in surplus and Pension Schemes Act surplus flexibilities mean many trustees are reconsidering endgame plans and considering run-on options.

    Bringing together speakers from across the day, this panel session will discuss how surplus flexibilities will change endgame and look at the extent to which run-on is becoming a more popular solution.

    Our experts will also talk about surplus release and examine how investment changes should a scheme decide to remain invested for longer.

    Speakers
    Steve Collins
    Head of Superfund
    TPT Retirement Solutions
    Ewan Miller
    Principal and Senior Consulting Actuary
    Howden
    Lawrence Phillips
    Head of Endgame Solutions
    Schroders
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    The Trillion-Pound Question: What Does Government Want from DB?

    Former Pensions Minister and leading industry commentator Steve Webb, now a partner at pension consultants LCP, brings an informed political perspective to DB's next chapter. In this fireside chat, he'll explore what government wants from the sector, where policy may move next and how the competing demands of member security, regulatory caution and economic growth could reshape the landscape.

      Speaker
      Steve Webb
      Former Pensions Minister and Partner, LCP
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      Closing Remarks
      Speaker
      Holly Roach
      Deputy Editor
      Professional Pensions