Brightwell provides a comprehensive suite of end-to-end services for large (c.£1bn+) and complex Defined Benefit (DB) schemes considering purposeful run on.
Built on the success of managing the BT Pension Scheme (BTPS) for over 40 years, we take a member-first approach to address investment challenges, funding risks, and operational demands.
Our partnership model supports a wide range of scheme objectives. We tailor our approach to fit each scheme’s specific needs, prioritising member security and service excellence, while delivering efficiency, resilience, and long-term value for members.
A snapshot of the DB landscape in 2026
Strong funding positions and emerging surpluses are reshaping the landscape for UK DB schemes, creating new opportunities for sponsors and trustees – alongside fresh challenges.
While many schemes progress towards their endgame, members may worry that transferring to an insurer means less flexibility, poorer service, and ultimately severs the link with a trusted employer. At the same time, regulatory developments are expanding the range of viable alternatives to buyout, giving trustees more strategic choice than ever before.
Brightwell’s OCIO model
UK DB schemes have entered a new phase.
Stronger funding positions and maturing liabilities are prompting trustees and sponsors to reassess whether their existing investment model remains fit for purpose. Many are reviewing how portfolios are constructed, how risks are managed, and whether they have the necessary skills and operational capacity to meet today’s requirements: cash flow delivery, collateral efficiency, liability hedging and endgame optionality.
An OCIO model provides a single home for integrated decision making across investment, funding and risk. It gives trustees a coordinated approach to portfolio construction, liquidity management, hedging and implementation – areas that have become more prevalent since the 2022 gilt market crisis. An OCIO also offers access to specialist teams and faster execution than traditional advisory models, supporting schemes as they transition towards their desired endgame.
We are committed to partnering with a small number of like-minded schemes. Our One Portfolio Approach and integration across LDI, FX, cash and derivatives deliver a holistic, well-rounded solution to risk management and investment.
Brightwell offers conflict-free independent manager selection, which differentiate us from commercial managers whose models tend to be product led. This approach ensures schemes benefit from tailored investment strategies aligned with their long-term objectives.
Building a Resilient Operating Model for the Future
Regulatory change, resourcing constraints and increasing endgame optionality are prompting many trustees and in‑house pensions teams to reassess whether their current operating model is still fit for the future.
The vast majority of UK DB schemes are now closed to both new members and future accrual, resulting in decreasing membership and asset bases, with proportionally larger cash outgoings. Meanwhile, regulatory expectations continue to grow, and trustees face increasing scrutiny on areas such as data quality, governance processes, cyber resilience, and member communications.
In‑house pensions teams are under mounting pressure. Succession planning is becoming more difficult; specialist skillsets are harder to recruit and retain and key person dependency has become a material operational risk. Sponsors, meanwhile, are seeking clearer insight and stronger reporting to ensure alignment with wider business objectives, particularly as upcoming legislation on surplus release places heightened focus on strategic optionality.
Together, these factors are prompting many schemes to revisit their operating model and consider more scalable, resilient alternatives.
Brightwell’s Purposeful Run On Approach
We provide an alternative to the traditional DIY run on model, developed exclusively for a select group of UK DB pension schemes.
Our Purposeful Run On approach is built around its practicalities: aligning stakeholders, optimising funding and investment strategies, and ensuring governance is fit for purpose.
Built on the infrastructure and expertise behind BTPS, our end-to-end model integrates tailored investment management, in-house funding and longevity solutions, as well as award-winning member and scheme services. Our offering can be customised to fit a scheme’s specific needs, prioritising member security and service excellence.
Want to find out more?
With Brightwell, trustees and sponsors retain full decision-making authority while being supported by a partner that understands the pressures and practical realities facing large DB schemes, because we’ve lived them.
With a proven track record, market leading expertise, and a partnership led mindset, Brightwell is well placed to support your scheme’s next chapter.
Get in touch: For more information, please reach out to us at hello@brightwellpensions.com. A dedicated member of our team will be in touch.
Disclaimer: The information provided was correct as at 12 January 2026 and BTPSM trading as Brightwell shall be under no obligation to notify you of any changes to the information or otherwise to update the information after this date. It is intended for information purposes only and does not constitute an offer, recommendation or solicitation to buy securities or derivatives products. Any reliance you place on this information is at your own risk.
The investment strategies that BTPSM trading as Brightwell use are subject to normal market fluctuations and the risks associated with investing in international securities markets. Therefore the value of investments and the income from it may rise as well as fall and investors may not get back the amount they originally invested. There are other factors to consider when a scheme is deciding whether to buyout or run on. There are benefits associated with a scheme buying out over running on, that you should do your own research on.
Technology
The pensions industry has lagged the rest of the financial services sector when it comes to technological innovation. Through our partnership with Procentia we offer pension schemes a powerful solution, giving members access to personalised pension information at the touch of a button.
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Funding & Fiduciary Services
Ensuring pension schemes can meet their obligations to members and their beneficiaries involves careful management of scheme assets and in-depth understanding of the factors that influence assets, liabilities and corporate sponsors. At Brightwell, we offer unique insight and expertise.
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Advisory Services
Brightwell’s role in supporting BTPS is truly end-to-end, integrating every aspect of what it takes to successfully manage a complex DB pension scheme. Across funding…
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