Publication

DB endgames: state of the nation

calendar icon 09 July 2026
time icon 5 min

Authors

Leonard Bowman
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Leonard Bowman

Partner and Head of Corporate Consulting

Laura Mclaren
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Laura McLaren

Partner and Head of DB Scheme Actuary Services

Three years on from the 2023 Mansion House Speech, the defined benefit (DB) landscape looks very different. Stronger funding positions, evolving legislation and a growing range of endgame options are creating new opportunities for schemes. Trustees and sponsors face increasingly complex decisions about risk, surplus, run-on and long-term strategy. 

Our latest publication explores how the market has evolved, where momentum is building and why many schemes are assessing their endgame options. We look at:

  • how stronger funding positions are creating more strategic choice
  • why run-on is gaining traction as a credible endgame option
  • the growing role of superfunds and other alternative models
  • the key barriers that continue to slow decision-making
  • why clarity, confidence and collaboration will be critical to future progress

Read our insights

Don't forget to check out our Excellence in Endgames insights hub.

If you have any questions on any of our research or would like to discuss further, please get in touch.  

DB endgames: state of the nation July 2026

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This communication has been compiled by Hymans Robertson LLP® (HR) as a general information summary and is based on its understanding of events as at the date of publication, which may be subject to change. It is not to be relied upon for investment or financial decisions and is not a substitute for professional advice (including for legal, investment or tax advice) on specific circumstances.  HR accepts no liability for errors or omissions or reliance on any statement or opinion. Where we have relied upon data provided by third parties, reasonable care has been taken to assess its accuracy however we provide no guarantee and accept no liability in respect of any errors made by any third party. Hymans Robertson LLP is a limited liability partnership registered in England and Wales with registered number OC310282. Authorised and regulated by the Financial Conduct Authority and licensed by the Institute and Faculty of Actuaries for a range of investment business activities. © Hymans Robertson LLP 2026. All rights reserved.  

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