New rules force DB schemes to rethink endgame

The defined benefit (DB) pensions landscape is undergoing a dramatic change, with a shift in focus from deficits to utilising surpluses and endgame strategies. Two years on from the 2023 Mansion House reforms, despite a change in government, the objective remains the same – make run-on and surplus-sharing easier. Legislative and regulatory changes have supported this direction of travel. In May, the government responded to the Options for DB Schemes consultation, outlining changes that allow for greater flexibility in the use of DB surplus. Last month, the Pensions Regulator issued guidance...