Podcast

Rewarded risk in your endgame journey

calendar icon 05 June 2025

Key topics discussed

  • What “rewarded risk” really means for schemes considering run-on, buy-out or a flexible endgame strategy.
  • The impact of evolving insurer pricing, investment dynamics and surplus management on endgame decisions.
  • Why climate risk is no longer just a long-term issue – and how it’s influencing investment and risk transfer strategies today.

In this special edition of Hymans Robertson On…, Abhishek Srivastav is joined by Ben Fox, Mhairi Gooch and Mathew Webb to explore how pension schemes can approach their endgame decisions through the lens of risk and reward.

The discussion covers a range of strategic considerations – from running on versus buy-out, to evolving regulatory drivers, investment opportunities, and the trade-offs involved in managing surplus. The panel shares insights into how schemes can assess “rewarded” vs “unrewarded” risks, with practical examples of run-on frameworks, insurer pricing dynamics and the role of climate risk in long-term planning.

If you’d like to follow up on anything discussed, please don’t hesitate to get in touch.

Hymans Robertson disclaimer

This podcast has been prepared by Hymans Robertson LLP, and is based upon our understanding of events as at release date. It is designed to be a general summary of topical investment matters and is not specific to the circumstances of any particular employer or pension scheme. The information contained in this podcast should not be construed as advice and not be considered as a substitute for specific advice as the information is generic in nature. Where a podcast refers to legal matters please note that Hymans Robertson is not qualified to provide legal opinion and therefore you may wish to obtain independent legal advice to consider any relevant law and/or regulation. Hymans Robertson LLP accepts no liability for errors or omissions. Your Hymans Robertson LLP consultant will be pleased to discuss matters raised in this podcast in greater detail. Guests views are separate to that of Hymans Robertson.

The information provided in this broadcast is not financial advice. Past performance is not a guide to the future. Please note the value of investments, and income from them, may fall as well as rise. This includes but is not limited to equities, government or corporate bonds, derivatives and property, whether held directly or in a pooled or collective investment vehicle. Further, investments in developing or emerging markets may be more volatile and less marketable than in mature markets. Exchange rates may also affect the value of investments. As a result, an investor may not get back the full amount of the original investment. Past performance is not necessarily a guide to future performance. 

Hymans Robertson LLP is authorised and regulated by the Financial Conduct Authority and Licensed by the Institute and Faculty of Actuaries for a range of investment business activities.

Speakers

Abhishek Srivastav
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Abhishek Srivastav

Partner and Senior Investment Consultant

Mhairi Gooch
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Mhairi Gooch

Senior Responsible Investment Consultant

Ben Fox
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Ben Fox

Senior Investment Consultant

Mathew Webb

Mathew Webb

Head of Endgame Solutions, Asset Management, L&G

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