What may arguably be one of the hottest topics of endgame, let’s talk about run-on! The new endgame route that has been transforming the landscape, yet there are still many questions to be answered – what does a good fit looks like, and what kind of governance is needed for it to be successful?

This session will address those pressing information gaps, first understanding what scheme characteristics make for a strong run-on and what governance structures need to be in place to ensure its success. We’ll unpack how to create resilience and value in the run-on, ensuring the journey is comfortable for all stakeholders.

The conversation about insurer selection is undergoing a dramatic shift. Where discussions were once dominated by whether a scheme could afford buy-out, strong funding positions are now pushing qualitative judgement to the forefront. Trustees are increasingly conscious that insurer selection is a governance and moral one, determining who will be responsible for members long after their oversight has ended.

This session examines the qualitative considerations trustees are now prioritising beyond the premium, and how boards are navigating responsibility, judgement and long-term member outcomes in an increasingly irreversible decision-making environment.

This session will address:

• The qualitative factors trustees should assess before selecting an insurer
• How trustees evaluate long-term member outcomes they will no longer oversee
• What is lost at insurance and how that should inform pre-transaction decisions
• How trustees test insurer philosophy, run-off approach and service resilience
• How boards evidence and defend qualitative judgement as good governance

As DB schemes navigate the transition toward endgame, the search for low-volatility, cash-flow-generative assets has intensified. While private credit is now a staple in many portfolios, Asset-Based Finance (ABF) and Trade Finance remain less well understood by many trustee boards.

This practical discussion, based on actual implementation, will focus on the structural differences between ABF and mid-market lending, the operational realities of managing short-dated, self-liquidating assets and underlying collateral, and how the asset class aligns with broader mandates for “productive finance” without compromising fiduciary security.

Key discussion and learning points:

• Understand how working capital and trade receivables financing supports real-economy activity and aligns with the UK’s agenda for investing in productive assets.
• Explore the rationale for selecting trade finance and why the scheme prioritised short-dated, self-liquidating trade receivables over traditional corporate credit to meet its funding objectives as it de-risks.
• Discover how the trustee board gained comfort with manager underwriting, fraud prevention, and collateral verification and controls.

In a changing a pensions landscape, we are seeing the rise of DB superfunds. This session provides a provides a practical overview of how superfunds operate in practice and the role they play as a consolidation route towards buyout.

It will explore how new market entrants are differentiating their models, including how they structure capital, manage risk and deliver member benefits, and what this means for security and outcomes. The discussion will also consider how superfunds can be made accessible to smaller schemes, and take a wider look at the market’s development, asking how many superfunds are needed for a competitive and sustainable consolidation landscape.

Many schemes are now in surplus, with surplus distribution demanding the balance of member needs, sponsor needs, and scheme needs – ensuring sufficient capital to be prudent.

This session aims to unpack what trustees must know and understand to be in a strong position when approaching surplus distribution conversations with employers. It will look at the factors they must consider, including new liabilities, HMRC tax rules and new government legislation. Assessing these against real-life, successful examples of surplus distribution agreements.