Does buy-out still stand out?

11 June 2026

Trustees and sponsors are no longer choosing in the dark. Improved modelling, clearer frameworks and deeper insight into surplus and timing are reshaping how UK DB pension schemes evaluate their endgame options.

As a result, the conversation is shifting beyond pure risk removal. This paper explores why buy-out is no longer the default choice, and how value, trade-offs and flexibility are becoming central to decision-making.

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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. Van Lanschot Kempen Investment Management (UK) Ltd, is authorised and regulated by the Financial Conduct Authority (FCA) with reference number 166063.