Mark Tinsley

For many defined benefit pension schemes, the traditional endgame assumption has been to buyout as soon as it becomes affordable. But the market has changed. Improved funding levels, new legislation and a broader range of endgame options mean trustees and sponsors now need to ask a different question: which route delivers the best long-term outcome for the scheme? Could running on create better outcomes for your DB scheme?

Member options remain a key part of DB scheme design and member experience – whether a scheme is working towards buy-in or buyout, or planning to run-on. Our 2026 member options briefing brings together the most important developments and practical considerations from the past year, with a focus on what trustees and sponsors may want to review now. Download the briefing to understand what’s changed, what to watch, and where the most common risks and opportunities sit.

Ten years on from the introduction of pension freedoms, the defined benefit (DB) member options landscape has shifted significantly. Many schemes are re-evaluating how member options fit into their long-term strategy — whether they're heading towards buyout, running on for growth, or looking to improve member outcomes. Our latest briefing examines how evolving market conditions, funding improvements and insurer practices are reshaping member options exercises today. What’s inside?