SPP Paper – Choosing an Endgame: Timing, Trade-offs, and Trustee Decision-Making

This paper synthesises insights from a major industry roundtable of leading actuaries, trustees, legal advisers, investment managers, and covenant specialists, facilitated by the SPP.

The paper challenges traditional industry momentum by examining how improved funding positions, a £160 billion aggregate surplus across UK DB schemes, and new alternatives such as superfunds and capital run-on strategies have transformed the endgame landscape.