Our takeaways from the Pensions UK Annual Conference 2025

Our takeaways from the Pensions UK Annual Conference 2025

Lawyers from the Burges Salmon pensions and lifetime savings team including Clive Pugh, Jack Gillions, Charlotte Docherty, Serena Kutty and Steven Hull hosted our stand at the Pensions UK Annual Conference 2025. We focussed on journey planning and end‑game strategy, as well as helping trustees and sponsors navigate long‑term scheme decisions from surplus management through to risk‑transfer execution. 

Why journey planning was the focus at the conference this year

• End‑game momentum: With more DB schemes in surplus on a buy‑out basis, end‑game options were front and centre for trustees and sponsors weighing paths to secure member benefits.
• More routes to the destination: Alongside traditional insurer buy‑ins/buy‑outs, we discussed capital‑backed journey plans, superfunds, scheme run‑on and master trust options — each with different risk/benefit profiles and governance requirements.
• Readiness matters: Delegates wanted practical steps on buy-out readiness including data quality and governance.

What we heard from delegates

• Surplus strategy: Strong interest in pathways that preserve flexibility for surplus use while maintaining member security.
• Alternatives to insurer buy‑out: Delegates asked how capital‑backed journeys and superfunds compare in practice on risk, price tension, covenant impact and timing.
• Run‑on vs transfer: Many were weighing run‑on/self‑sufficiency against full risk transfer, asking how governance and investment strategy would need to adapt.
• Readiness checklists: Practical questions about benefit specification, legacy discretions, data gaps and communications to shorten critical‑path timelines.

How we can help

• Option appraisal: Clear, side‑by‑side comparisons of buy‑ins/buy‑outs, superfund/Clara options and capital‑backed journeys tailored to your scheme’s funding and objectives.
• Transaction readiness: Getting “deal‑ready” (benefit specification, data cleanse, governance) to execute when ready.
• Run‑on strategies: Structuring run‑on with appropriate controls, member communications and contingency planning.
• Surplus management: Pragmatic routes to manage surplus, in line with legislation.

Our Journey Planning Triage Tool 

A highlight of our stand was introducing our Journey Planning Triage Tool – designed to help trustees and sponsors assess their scheme’s readiness and map out tailored pathways. Whether targeting buy‑in or buy‑out, managing surplus or considering run‑on strategies, the tool supports informed decision‑making aligned with governance and regulatory requirements.

Request access here: Journey Planning for UK defined benefit pension schemes – triage tool [burges-salmon.com]

We built the tool to give trustees and sponsors a clear, actionable map of options—aligned with governance and regulatory expectations—so they can move at the right time with confidence.

Next steps

Our pensions practice continues to be recognised for its technical excellence and strategic foresight. With dedicated teams in London, Bristol and Edinburgh, we offer a truly UK-wide service. Our Scottish pensions team, one of the largest in the country, provides specialist advice on jurisdictional differences in trust law and pensions legislation, ensuring consistent, high-quality support wherever our clients are based.

If your scheme is approaching its endgame or considering risk transfer options, we invite you to explore our Journey Planning Triage Tool and speak to our pensions team. We offer tailored advice on governance, surplus management and transaction readiness, and would be delighted to arrange a one-to-one consultation to help you map out your scheme’s journey with confidence.

Authors: Serena Kutty (Solicitor) with Clive Pugh (Partner).