L&G's DB capabilities
You choose the endgame, we'll build the bridge
DB solutions at L&G: A history of client focus
L&G is one of the largest pension fund managers in the UK1, supporting DB pension schemes on their journey. We understand how important it is to strike the right balance between short and long-term objectives, and work closely with our clients to manage the necessary risks as they look to pay members’ pensions, maintain funding levels, and navigate an evolving pensions landscape with confidence.
Run-on or buyout? Meeting the challenges for UK DB pension schemes
The DB pensions landscape is changing. In recent years, significant moves higher in interest rates have led to dramatically improved scheme funding levels. These shifting plates of markets and funding positions have resulted in a similarly seismic shift in DB scheme strategy, with endgame solutions now front and centre of scheme agendas. Schemes are also increasingly seeking to incorporate responsible investment considerations.
We are seeing three preferred endgame choices emerging from conversations with our DB clients: run-on, buyout or both.
Run-on solutions
For schemes running on, whether in the near term or as a long-term strategy, we can help manage risk, strengthen funding resilience and realise the benefits of future surplus generation.
Buyout-ready portfolios
Many schemes wish to ‘lock in’ the strong funding positions they currently have, with the focus on progressing towards buyout as soon as possible.
Blending run-on and buyout approaches in endgame
For schemes that intend to run on for now but transition to buyout in the future, we aim to maximise the value of run-on while supporting a well-governed and efficient path to full risk transfer.
DB endgame solutions
At L&G, we combine our extensive asset management and insurance expertise to help manage each scheme’s journey, using the strategies most appropriate to their particular circumstances. Whether your scheme is focused on run-on, buyout or both, L&G is here to help you construct the way forward by sharing our investment and insurance expertise in DB endgame solutions.
2026 outlook: Opportunity and innovation
DB schemes in focus: Whether you are considering buyout, run-on or both, we are here to help build a bridge to your chosen endgame destination.
Endgame Insights: Putting theory into practice
In this latest edition of Endgame Insights, we showcase the latest combined thinking from our Asset Management and Pension Risk Transfer (PRT) businesses.
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2026 DB outlook: Opportunity and innovation
The 2020s have been a transformational period for UK DB pension schemes, with a shift driven by evolving regulations, new requirements and the ongoing buyout or run-on debate. Rather than viewing these changes as obstacles, we see them as catalysts for opportunity and innovation.
Liability-Driven Investment
Pooled and segregated investment solutions to hedge interest rate and inflation risk
Fiduciary Management and OCIO
Buy and Maintain Credit
Aiming to generate cashflow, preserve capital and harness the long-term credit risk premium
Pension Risk Transfer
A full range of pension scheme insurance from buy-ins, buyouts and longevity insurance to bespoke solutions and de-risking innovations
Our awards
Awards should not be considered a recommendation. Past performance is not a guide to the future.
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Key risks
The value of any investment and any income taken from it is not guaranteed and can go down as well as up, and investors may get back less than the amount originally invested. The risks associated with each fund or investment strategy should be read and understood before making any investment decisions. Further information on the risks of investing is available from L&G's Fund Centres.
While L&G has integrated Environmental, Social, and Governance (ESG) considerations into its investment decision-making and stewardship practices, this does not guarantee the achievement of responsible investing goals within funds that do not include specific ESG goals within their objectives.
1. Source: IPE Research 2024, by AUM