• 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

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.

As the DB endgame market continues to develop, superfunds are becoming an increasingly important area for trustees and sponsors to understand. With new players entering the space, the superfund regime progressing and small scheme offerings beginning to emerge, the market is moving beyond theory and into a more practical phase.

This session will explore the current state of the superfund market, the options now available to schemes and how new developments could broaden access to consolidation for smaller DB schemes.

This session will address:

• The current state of the superfund market
• New players and emerging consolidation models
• What recent market developments could mean for trustees and sponsors
• Small scheme offerings and how access to consolidation may evolve
• How superfunds compare with other endgame options

The DB market has spent years focused on risk reduction, funding deficits and securing benefits. Today, many schemes find themselves in a position few would have predicted a decade ago: stronger funding, greater flexibility and more options than ever before.

As the industry moves beyond simply managing liabilities, new opportunities are emerging around surplus, member outcomes, innovation and long-term value creation. This closing session will explore what success looks like in the next chapter of DB pensions and where the greatest opportunities lie for schemes, sponsors and members alike.