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Professional Investor - Netherlands

Endgame Solutions

For uk professional investors only 

Pension schemes have been striving to find the ideal route to endgame for decades now. However, the pensions landscape has changed drastically over this period as well. Particularly relevant has been the rise in gilt yields that we have experienced over the past two years, which has significantly accelerated the time required to reach buyout for most schemes.

Key considerations for trustees and sponsors:

  • Though scheme funding positions across the UK DB pensions market have improved significantly, we expect many schemes will encounter difficulties securing benefits with an insurer due to capacity constraints.
  • We believe critical developments have the potential to prompt trustees and sponsors to consider alternative endgame options. For example, the completion of the first DB Superfund deal has initiated the proof of a concept that has been in development for years, unlocking an alternative path for schemes to pursue as part of their endgame journey.
  • The development of legislation that focuses on expanding the way scheme surpluses can be used will be enticing to both trustees and sponsors alike. Whether that is the prospect of enhancing member benefits or extracting surplus to bolster the savings pots of defined contribution (DC) members, to name only two options.​

Strategies for winning the end-game

In recent years, the pensions landscape has changed drastically. The significant rise in gilt yields over the past two years has resulted, on average, in sizeable improvements in scheme funding positions, accelerating the journey to their endgames. This has made the discussion about endgames more pertinent for trustees, sponsors and advisers.

This paper aims to broaden the thinking around the pensions endgame, acknowledging that buyout is the Gold Standard, but simultaneously raising the question “is it the be-all and end-all?"

Download the whitepaper

Exploring end- game options

Nikesh Patel highlights risks and opportunities for pension trustees and sponsors in our latest video.

Opportunities for well-funded schemes with FM+

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Press release

Clara wins second pension mandate

As the fiduciary manager to Clara-Pensions, the UK’s first superfund, we are delighted to share news of their second transaction so soon after their ‘industry-first’ announcement in November.

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Learn more about the UK's first superfund 

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Iain Brown

Head of Strategic Clients FM - UK

+44 2 03 63 694 62

Vicky Casebourne

Head of Institutional Relations - UK

Arif Saad

Executive director, Fiduciary management and institutional clients

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Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested. Past performance provides no guarantee for the future.

Van Lanschot Kempen Investment Management (UK) Limited is registered in England & Wales with registration number 02833264. Registered office at 20 Gracechurch Street, London, EC3V 0BG Tel: +44 (0)20 3636 9400. Authorised and regulated by the Financial Conduct Authority (FCA) with reference number 166063.

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