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Webinar: DB outlook 2025
We're delighted to share a recent client webinar on the outlook for DB schemes in 2025, held in partnership with Professional Pensions.

2025 could bring opportunities for change as the rate-cutting cycles in the US and Europe mature, and markets begin to digest the post-election changes of 2024.
UK DB pension schemes have been taking stock since the gilt crisis and may now be looking to adapt their portfolios in light of the increased freedom that higher funding ratios grant them. With DB assets of c.£1.2 trillion and over a third of schemes (by value) being in surplus on a buyout basis as at 31 March 2024[1], there is much to think about:
1. Firstly, schemes that benefitted from the increase in global yields could increasingly be looking to maintain and manage their surplus, as regulatory frameworks for run-on evolve. Others could look to continue to run on, while preparing to align portfolios for buyout opportunities.
2. Secondly, the continued low levels of credit spreads may present opportunities for those schemes that can position their portfolios towards short-dated credit for now, while being ready to invest more in longer-dated exposure if spreads widen.
3. Thirdly, the continuing theme of consolidation could yield benefits for those schemes looking to simplify their governance models and adapt according to their endgame objectives.
Watch our latest DB client webinar.
[1] Source: The Purple Book 2024
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