Research & Insights

Download our 6 reports

• Endgame and Priorities Report 2025

  With the new defined benefit (DB) funding code now in force and funding levels remaining favourable for many, UK schemes should have more clarity than ever about the endgame options available. To assess this, mallowstreet partnered with Brightwell for a second year to survey 21 UK DB schemes over £1bn in January 2025, with combined assets over £290bn. The survey closed just days after the Labour government announced firm plans to enable DB schemes to change their rules and permit surplus extraction where there is trustee-employer agreement. As a result, our findings are timely and surprising: surplus extraction rules could significantly influence endgame decisions.

  In Partnership With

  • Brightwell

• Pension Risk Transfer Report 2024

  The defined benefit (DB) pensions landscape has undergone a significant change since mallowstreet and Rothesay partnered on our first pension risk transfer survey in 2020. At the time, many schemes still had significant funding deficits and faced a number of hurdles to the endgame journey. But since then, funding levels have improved significantly, which put many on pace to transact much faster than they initially anticipated. To further understand how endgame readiness is evolving, mallowstreet, in partnership with Rothesay, surveyed 70 UK defined benefit schemes in March 2024. This report presents our in-depth findings from a comprehensive five-year data review.

  In Partnership With

  • Rothesay

• Natural Capital Report 2024

  The depletion and damage to global natural resources are fast translating to financial risks. As a result, investors are turning their attention to natural capital - it is no longer an abstract environmental concept but a tangible asset class. To better understand how natural capital can fit within asset allocation processes, how it can help investors achieve their ESG objectives, and what challenges they face when investing in natural capital, mallowstreet, in partnership with Gresham House, surveyed 22 UK institutional asset owners in March 2024, gathering perspectives on a total of £360bn in assets under management. This report presents our in-depth findings.

  In Partnership With

  • Gresham House

• Endgame and Priorities Report 2024

  Despite growing capacity amongst insurers, buy-out is no longer the be-all end-all endgame. Providers are offering more alternatives, including new governance and fiduciary management solutions. To understand their evolving strategy and priorities, mallowstreet, in partnership with Brightwell, surveyed 27 UK DB schemes over £1bn in January 2024, gathering perspectives on a total of £300bn in assets under management. This report presents our in-depth findings.

  In Partnership With

  • Brightwell

• Equality Diversity and Inclusion Report 2023

  Our first annual Equality, Diversity and Inclusion (EDI) Report uncovered that while most schemes were in the early days of their journey, many professional trustee firms were already doing a good job improving EDI – and stood out as industry leaders both in terms of EDI training as well as improving diversity and inclusion within their teams. Since then, the Pensions Regulator (TPR) published its EDI guidance for trustees and sponsors as well as a survey to measure the proportion of trustees with diverse characteristics and the industry’s views on EDI. To better understand how EDI considerations feature in decision-making, the challenges encountered and steps to improving, mallowstreet, in partnership with Cardano, surveyed 120 UK pension professionals in August and September of 2023. This report presents our findings.

  In Partnership With

  • Cardano

• DC Retirement Solutions Flash Report 2022

  DC schemes are rapidly gathering assets, but many of them still mostly have young members. Against this backdrop, mallowstreet, in partnership with Milliman, conducted a survey of 22 DC schemes and master trusts in Q1 2022, representing a total of £65bn in assets. The goal was to gauge industry support for the development of drawdown solutions offering a sustainable level of income, and what an optimal offering could potentially look like. This flash report presents our findings.

  In Partnership With

  • Milliman

Recent articles