Endgame strategies for defined benefit pension schemes

For defined benefit pension schemes, the concept of ‘endgame' is no longer a distant consideration. As schemes mature and funding regulations evolve, trustees and sponsors must determine how benefits will be delivered in the long-term, but what does that mean in practice? Endgame options vary widely, from full risk transfer to an insurer, to running the scheme on with a focus on long-term stability. Hybrid approaches also exist, blending security with flexibility. Each route has different implications for funding, governance, and investment strategies—making the right choice a complex task....