Podcast

The investment impact of DB schemes choosing to run-on

calendar icon 11 December 2025
time icon 5 min

Key topics discussed

  • What do we mean by “pension scheme run-on”?
  • Why schemes might want to run-on
  • Investment implications and practical case studies

In this episode, Ben Farmer is joined by Sean Burnard from Law Debenture to unpack the concept of pension scheme “run-on”. Together, they explore why this approach is gaining traction, what it looks like from an investment perspective, and the practical considerations trustees need to weigh. From real-world case studies to non-investment factors, this discussion offers valuable insights for schemes navigating their endgame strategy.

Throughout the episode, our experts discuss: 

  • What we mean by “pension scheme run-on”
  • Why we're talking about this now, and why schemes might want to run-on
  • What run-on looks like from an investment standpoint
  • Non-investment factors to consider

Related content

We hope you enjoy listening. If you have any questions on anything covered in this episode, please 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

Ben Farmer
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Ben Farmer

Senior Investment Consultant

Ben Fox
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Ben Fox

Senior Investment Consultant

Male

Sean Burnard

Professional Independent Pension Trustee at Law Debenture

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