Run-on has overtaken buy-out as the dominant endgame for the UK’s largest DB schemes, according to research by Brightwell and mallowstreet.
The Endgame & Surplus Report 2026 is based on a survey of 23 UK corporate DB schemes with assets over £1bn. Respondents represent a combined £414bn in assets.
The report showed that seven in ten (70 per cent) schemes now target run-on, nearly double the 38 per cent recorded just twelve months ago, while buy-out has collapsed to just 4 per cent.
This year’s responses showed that 60 per cent cite a change in sponsor engagement or view as the most likely reason to change endgame, while 53 per cent point to a change in covenant strength. A third also cite a change in funding position. Among schemes not currently targeting run-on, 57 per cent say they could be persuaded by regulatory change that makes run-on more attractive.
Morten Nilsson, chief executive of Brightwell, says: “This year’s research confirms a clear shift in mindset. For most large DB schemes, run‑on is no longer a debate, it’s a decision.
“The combination of stronger funding, new surplus rules and a supportive policy environment have fundamentally changed the art of the possible for DB endgames. But run-on isn’t without complexity. It requires a carefully considered strategy and execution plan.”
Brightwell manages the BT Pension Scheme and a number of external clients.
