Publication

DB surpluses and run-on: understanding your key risks

calendar icon 03 June 2025
time icon 5 min

Authors

Sachin Patel
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Sachin Patel

Head of Corporate DB Endgame Strategy

Aimee Leese Staff Surname Extras (1386 X1000)
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Aimee Leese

Actuarial Consultant

The emerging discussion around Defined Benefit (DB) scheme surpluses and run-on is gaining momentum, especially following the government’s response to the consultation on options for DB schemes on 29 May. With a draft Pension Schemes Bill expected soon, new provisions could ease surplus extraction without dictating its use. This presents a rare opportunity for employers and members to benefit from strong funding positions, with greater benefits and opportunities for the wider economy. 

In this publication, our experts discuss the key risks of running on, what they really mean and how they align with different risk appetites. They also explore:

  • Investment and funding risk – aligning your strategy with risk appetite
  • Longevity risk – often less understood yet material in a run-on context
  • Regulatory and legislative risk – an evolving environment 

Click the button below to read our full insights.

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If you have any questions, or would like to discuss further, please get in touch with us.

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.

DB surpluses and run-on: understanding your key risks

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