In 2020, over 85% of UK schemes have started a derisking programme, but many are still far away from their endgame. Has COVID-19 altered the way pension funds think about their hedging programmes? mallowstreet, in partnership with BMO Global Asset Management, conducted a survey of UK pension schemes in November 2020 to understand their needs and priorities in liability-driven investing. This abridged version of the report covers manager reviews, fees, client service and ESG integration.