For almost two years, there has been increasing discussion around the DB endgame, as the traditional alternatives of insurance risk transfer and self-sufficient run-on have merged into a spectrum of possibilities available to both trustees and sponsors. After many hours of discussion, advice and negotiation, 2025 may be the year when these plans are finalised and implemented.
One thing is increasingly apparent to us as Trustees; otherwise similar schemes are adopting very different approaches to their endgame plans. Wider considerations driving the decision now mean that almost every scheme is distinct and will need a bespoke approach.
What are some of these wider considerations:
When combined with factors such as data accuracy, GMP equalisation and illiquid assets, we can see how even outwardly similar schemes may have very different endgame plans.
This has significant implications for all of us as trustees and advisers. Over the years funding, investment and governance strategies had often become standardised for schemes of similar size, funding level and covenant strength.
Looking forward, we need to be far more flexible.
I’ll let the asset managers and pension scheme advisers consider their own positions and turn my last few thoughts to the implications for professional trustee firms.
While there are undeniable efficiencies from offering standardised trustee services, especially under Sole Trustee appointments, there is a real risk that scheme specifics are ignored or sidelined. A more bespoke approach, taking time to fully understand the corporate culture, membership concerns and scheme history, could mean that as individual professional trustees we should work closer with fewer clients. Standard checklists and project toolkits will need to be customised and adviser panels may prove restrictive.
The resulting service may be less ‘efficient’ for the Trustee provider but I would argue that a more bespoke service for the client will add real value as future opportunities develop.
Graham Jung is a professional trustee and his background, covering consulting, banking, and asset management, brings specialist knowledge to a board either as co-trustee or as Chair of an investment committee.
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Amanda is a Board Director of Pi Partnership Group and leads the development of Pi’s services. She works closely with clients, the Pi team and professional advisers to ensure all of Pi’s services meet the changing needs of the pension market and deliver clear value to Pi’s clients.
Amanda has over twenty-five years’ experience in the pensions industry and, as well as ensuring Pi’s services continue to meet the needs of our clients in a rapidly changing pension landscape, is also a member of Pi’s Executive Management Team. She provides specialist project management for clients on a range of services, including adviser selection and review, trustee board assessment and governance design.
As well as being a Fellow of the Pensions Management Institute (PMI) and Chair of the PMI London Group, Amanda holds PMI certificates in Pensions Automatic Enrolment and DC Governance, was a past Prince2 practitioner and is a Certified Risk Management Practitioner.
What do you most enjoy about your role: Successfully delivering complex projects and creating a happy team environment.
Interests outside work: Travel, theatre and as part of Abundance London helping create beautiful spaces in urban settings.
Top achievement to date: Competing in the 2005/06 Round the World Clipper race.
