With the Pension Schemes Bill including new measures to make it easier for surplus to be returned to sponsors and members, discussions around endgame are evolving. This third annual report is based on 23 responses from UK defined benefit (DB) schemes with over £1bn in assets, representing a combined £414bn in AUM. What stands out this year is the consolidation of run-on as the dominant endgame, particularly among the largest schemes. However, surplus release remains selective and tightly governed. Trustees are balancing sponsor expectations with member fairness and funding resilience, while shifting their focus from governance change to investment execution.