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.