Pensions & benefits

Endgame strategy and journey planning

We help trustees and sponsors of pension schemes determine the endgame that is best for their schemes and optimise the journey to achieve it.

We do this by delivering holistic advice - our joined-up approach brings together specialists from our funding, investment, covenant and pensions risk transfer teams. We combine this with deep knowledge and understanding of endgame strategies, whether that is run-off or transferring the scheme to a third-party such as an insurer or superfund.

Chart your own course

Taking control of your journey

Our sixth annual report is built around the results of our annual survey of the DB pension scheme market and provides insights across a whole range of areas of DB strategy and endgame planning.

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Accounting for pensions

Making the most of multi-billion £ pension surpluses

Our annual accounting for pensions report presents a concise analysis of the pensions facts, figures and trends revealed by FTSE100 companies reporting in 2023.

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Seize the moment

A pivotal opportunity for corporate sponsors of DB pension schemes

This report highlights the variety of options now open to mature DB schemes approaching the end of their journey and urges schemes to get their strategy right before making their plan of action.

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Whether you work with us already or are looking for an independent advisor who can offer a fresh perspective on your strategy, we can support specific journey planning needs.

Our approach will:

Ensure endgame objectives are connected and take account of different stakeholder viewpoints and priorities.
Maximise security and value-for-money of member benefits.
Develop agile strategies to keep clients ahead of the game when it comes to ever-changing pension regulation and market innovation.

LCP is uniquely placed in the market to best advise on pensions endgame, as our market-leading experts are able to cover all angles from buy-ins and buy-outs, run-off, superfunds, capital backed solutions and everything in-between.

We are not constrained by house views and have no products to sell, meaning that our clients can have confidence in unbiased advice that is tailored to their objectives and focussed on delivering the best solution for their scheme and members.

We have strong relationships with all key market providers and are at the leading edge of endgame innovation, working to influence policy and regulation to provide better outcomes for all. Our experience means clients benefit from robust and fully informed advice on how to develop a flexible and future-proof strategy that meets the needs of all stakeholders.

Some examples of ideas we’ve recently been discussing with our clients are:

Constructing Integrated Risk Management (IRM) plans to optimise a scheme’s journey, making sure opportunities are capitalised on and risks quickly identified and managed, often making use of contingent funding solutions.
Adopting asset-led funding approaches, to ensure fully consistent funding and investment strategies, which minimise the risk of artificial volatility in the position.
Improving retirement outcomes for existing employees by using some or all DB pensions surplus to pay for and augment ongoing DC contributions.
Generating value to improve the cashflow position of the scheme sponsor.
Optimising pensions strategies through driving innovative longevity risk solutions developed with support from our longevity experts who include those in our Health Analytics team.
Introducing new external third-party capital to support ongoing covenant.