XPS Integrated Run-On

Robust, safe risk management strategies

• We set a strategy that is safe and delivers stable, predictable surplus flows.
• Our approach builds on the approaches used by insurers to generate stable returns and protect against downside.
• We have a default combined approach to investment strategy, funding buffers, surplus distribution policies, and downside covenant protection with options to change and balance these to suit your specific circumstances.
• We have technology that allows you to assess your options and outcomes in real time, monitoring your strategy and respond to changes.

Operational oversight tailored to the risks of run-on

• Run-on introduces areas to manage including risk buffers, managing surplus and knowing the up‑to‑date cost to exit to insurance when needed.
• Our bespoke policies and processes help trustees govern and manage their schemes while running on.
• This can be further supported by our administration and monitoring tools.
• Surplus policy which captures all key elements and helps meet and future proof against TPR guidance.

Modern, technology driven accurate data and gold standard member service

• Successful run-on relies on having comprehensive data and detailed understanding of benefits – we prepare for run-on in the same way we prepare for buyout.
• Our approach includes a comprehensive benefit review and rectification. This ensures liabilities are accurate for surplus distribution and insurer pricing if the scheme needs to pivot to insurance.
• Successfully running on and ensuring any surplus released is real and relies on high quality, best‑estimate benefit cash flows.
• This supports a robust assessment of surplus and hedging against economic and demographic risks.
• All of this is underpinned by a high quality member communications strategy to ensure members understand and value the benefits of running on.