The Pensionist - Episode 5: Inside the DB Endgame: A Conversation with PwC

In this episode of The Pensionist, we discuss the defined benefit endgame through the lens of current market conditions and real‑world transaction experience. 

With defined benefit schemes increasingly well-funded and insurer pricing and capacity remaining attractive, many trustees and sponsors are considering whether now is the right time to transact, and what being “ready” truly looks like in practice.

Hosted by Larisa Gordan, Senior Associate in Fieldfisher’s Pensions team, the episode features Dweenisha Caleechurn, who leads PwC’s bulk annuities practice, alongside Oliver Reece, Pensions Partner at Fieldfisher. Together, they explore how schemes approach risk transfer in different funding and governance scenarios, what typically differentiates a smooth journey from a challenging one, and why preparation particularly around data, benefit specifications and residual risks is critical both pre‑ and post‑buy‑in.

The discussion also draws from PwC’s latest Risk Transfer Quarterly Insights report (a link to the report can be found here), reflecting on recent market developments, including insurer consolidation, pricing dynamics, and the outlook for 2026. It considers how wider geopolitical and macroeconomic is influencing trustee and sponsor decision‑making. Particular attention is given to the issues that can arise for smaller schemes and how they can best position themselves to achieve strong outcomes in a competitive market.