In this thought-provoking session John looks back at a range of factors influencing the investment and funding of UK DB pension schemes over the last 25 years, sharing in lessons learned and taking the big-picture into account to provide insights for trustees considering the next steps in their endgame journeys.

With the government now clearly signalling its intent to unlock DB surpluses, it is looking to the Pension Industry to more fully play a part in the quest for economic growth. John will delve deeper into the arguments, aimed at helping Trustee to navigate potentially a new world of investment led funding strategies targeting growth, increased security and potential for enhanced member outcomes.

Many DB schemes are now well-funded and have a real choice as to whether to run-on for a period or move to insurance. For those schemes that choose to move to insurance, how do they run a process that puts members first and achieves an outcome where members see a real positive improvement?

This session will address:

• What changes do members see on buy-in and buy-out
• How insurers are upping their game in member service
• How to move smoothly through the process with no disruption to members
• Planning and delivering an effective communication strategy
• What member-focused steps schemes should be taking ahead of and after a buy-in transaction
  

With many schemes seriously considering their risk transfer options, achieving the best price is evidently the main objective for pension professionals. However, there are many other factors to consider when deciding on an insurer. It is integral to look at these other factors when deciding on a risk transfer that is best for the member.

This session will address:

• When choosing an insurer, what are the aspects should you consider apart from price
• How should schemes press on these issues
• What areas matter for members

With the new DB funding code of practice now in effect, and ongoing debate around guardrails for extracting surplus, how should well funded schemes approach their endgame? Join our panellists as they discuss a framework for surplus extraction, investment opportunities to maximise surplus generation, and the benefit of retaining the flexibility to buyout should you want to, or need to, in the future.

• Where is the government directing pension schemes endgames
• How changes to the way surpluses can be unlocked could change endgame conversations
• How could this change the role of trustees
• Should schemes put their surplus to work and run on for longer?

• Assembling liability information (the pension scheme);
• Broking to get pricing (the adviser);
• Transaction implementation (the trustee);
• Buy-out risk settlement (the insurer).

With longer term run-on becoming an increasingly considered endgame option for many schemes, reflect on what considerations should be taken for schemes that are choosing longer term run-on.

This session will address:

• What investment strategy should be taken for longer term run on and how much risk should be taken on.
• How to effectively manage surplus
• How cost-effective different run-on strategies are
• What are the operational implications of a longer-term run-on strategy

In November 2024, M&G completed an innovative ‘Value Share BPA’ transaction. This structure allows sponsors to participate in the economics of a traditional BPA transaction whilst still providing the trustees, and critically their members, with the ultimate security of our buy-in/buy-out. Kerrigan Procter will discuss M&G’s ambitions in the risk transfer market and how Value Share BPAs open another endgame option for schemes, sponsors and advisers to consider.

This session will address:

• How does M&G’s Value Share BPA structure work?
• What type of scheme and/or sponsor might suit this type of solution? 
• How could a potential scheme surplus be used in a Value Share transaction?

Many schemes find themselves in a position where they have a clear and improved path to risk transfer due to enhanced funding positions. Therefore, a probable question is why should a scheme choose to run-on?

This session will address:

• What are the pros and cons of run-on vs buyout
• What are the reasons for run-on
• What should the run-on time frame be
• What are the barriers to run-on

• How to invest surplus productively for portfolios aiming for longer term run-on
• How can surplus be extracted
• How can this benefit both the member and sponsor

During the bulk annuity process responsibility is transferred to the insurers. Therefore, it is important to foster cross sector collaboration on sustainability issues in the bulk annuity process in order to align sustainability-related commitments made by schemes, both at the point of transaction and in the future.

This session will address:

• Key principles that help align expectations around sustainability before, during and after a buy-in or buy-out transaction
• How to use the Sustainability Principles Charter for the bulk annuity process
• How the recently launched A4S sustainability survey supports the bulk annuity process
• Examples of what schemes are doing in this space