DB schemes enter a new endgame era

The UK defined benefit (DB) pensions market has seen a huge amount of change in the last 12 months, shaped by regulatory and market developments. The Pensions Regulator’s 2025 Annual Funding Statement was pivotal, indicating that it anticipates most schemes will transition their focus from deficit recovery to their endgame strategies. In May 2025, the Government responded to the Options for DB Schemes consultation, signalling significant legislative reforms, including greater flexibility in the use of DB surplus. Meanwhile, the bulk annuity market has expanded rapidly, with four new insurers...