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.