20 August 2025
Hughes Price Walker, a leading independent specialist provider of actuarial, consultancy, investment and administration services, is calling on the pensions industry to do more to support smaller defined benefit (DB) schemes in accessing viable and efficient endgame solutions
Ray Hughes, Director and Actuary at Hughes Price Walker, commented: “Many smaller DB schemes are already very well-run and, having gone through the right preparation, are actively engaging in endgame discussions – benefiting both scheme and members. But despite growing surpluses and strong governance, some still face barriers that slow down or complicate the path to buy-in or buyout. These are often structural; such as legacy systems, poor data, or limited insurer engagement – rather than inherent to the schemes themselves.
“Smaller schemes should not be disadvantaged by their size. With the right tools, advice and planning, they can, and increasingly do, achieve strong outcomes. But we believe the wider industry could do more to make that path smoother and more accessible – Regulators, advisers, and insurers all have a role to play.
“We should be looking at things like:
Hughes added: “This isn’t about rewriting the rulebook – it’s about making sure the existing endgame playbook works for schemes of all sizes. If we don’t take steps now, there’s a real risk of creating a two-speed market where only the largest benefit fully from the opportunities of the endgame. Every member deserves the same focus on outcome security, regardless of scheme size.”
-ENDS-
