UK DB surplus: Capturing the opportunity
UK DB surplus: Capturing the opportunity
23 Mar 2026
With improved funding levels and a more permissive surplus regime, more trustees and employers are considering whether running on could unlock meaningful surplus without compromising member security.
Our latest analysis demonstrates the real value that can be delivered for members and employers by adopting a run-on approach for pension schemes.
Our report “UK DB Surplus: Capturing the opportunity” provides employers and trustees with future focus insights to help with strategic planning. It highlights emerging trends for future DB strategy, including the growing shift towards exploring running on as a way to deliver long-term value. It also brings together our latest modelling, survey insights and regulatory analysis to outline a series of practical steps that trustees and employers can use to assess and implement effective run-on strategies.
Explore the key DB surplus issues shaping today's pension landscape:
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What is driving the shift in trustee and employer behaviour
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How run‑on strategies can be structured safely
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What run‑on could mean in practice for members
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How upcoming regulation may influence decisions
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How run-on strategies can deliver value over the long term or simply as a bridge to buyout
Did you know?
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Up to £170bn of surplus could be generated from UK DB schemes over the next ten years
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41% of schemes now actively exploring run-on
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Over 90% of scenarios show positive cashflows under safe, insurer‑style run‑on strategies
Employers and trustees are pausing to consider running on as an option, either as a long-term strategy or simply as a form of "delayed buyout". The key question is how to deliver value safely and effectively? Running on like an insurer, with clear capital buffers, not only protects members and facilitates the ability to pivot to insurance if needed, but also delivers more stable and predictable surplus flows for employers.
Tom Froggett, XPS Head of DB Run-On
Find out more
To discuss what run-on could mean for your scheme, speak to Tom Froggett or to your usual XPS Group contact.
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