Brightwell’s revenue opportunity is no longer “pensions advisory”. It is the board-level operating model for the £1bn+ DB run-on era.
This paper converts BRPact’s £1bn-plus target universe into a revenue development strategy for Brightwell’s Board: where to focus, which introducer relationships to build, how to out-position incumbent advisers, and how to convert market change into durable revenue streams.
- Administration services to Bulk Purchase Annuity (BPA) or Individual Bulk Annuity (IBA) providers
- Local Government schemes
- Back-office services to new consolidation vehicles e.g. superfunds, capital backed funding arrangements
- Back-office services to IPT firms for their sole trustee portfolios
1. Board thesis: the market has moved toward Brightwell’s natural ground
The UK DB market has crossed from deficit repair into strategic choice. That change matters commercially because Brightwell’s proposition is strongest exactly where trustees and sponsors now feel least well served by the old advisory model: fragmented advice, duplicated cost, unclear endgame ownership, weak data integration, inconsistent member experience, and sponsor–trustee misalignment.
Brightwell’s own research has already created the intellectual territory. DB 2036 frames the sector around fragmentation, cost duplication, conflicts of interest, member experience and the need to support schemes that choose to run on rather than buy out.1 The surplus research extends that into sponsor economics: 93% of surveyed businesses with closed DB schemes above £500m expect to request surplus access, 49% plan to reinvest in UK operations, and 33% say easier surplus access would encourage longer run-on.2
2. BRPact Target universe: 295 schemes above £900m
BRPact now identifies 687 schemes with recorded assets of at least £1bn. The data is sufficiently rich to guide commercial sequencing even where individual provider fields are incomplete. It shows concentrations of incumbent advisers and introducers that Brightwell should use both as competitive displacement targets and partnership channels.
| Signal from BRPact target universe | Commercial implication | Immediate action |
|---|---|---|
| Investment consultant concentrations include Isio, Aon, LCP, WTW, Marsh, EY, Mercer, Hymans, XPS, Schroders and Howden. | Large schemes are surrounded by advisers who often own only part of the problem. Brightwell wins by owning the integrated endgame operating model. | Build competitor-specific battlecards and trigger campaigns by incumbent adviser and endgame status. |
| Administration concentrations include XPS, Isio, WTW, Aon, Aptia, Hymans, Capita, Broadstone, Standard Life and LCP. | Administration quality, data readiness and member experience are conversion levers; they are also safe entry points where trustees can commission diagnostic work without immediately firing incumbents. | Launch “Run-on readiness: data, admin and member service” diagnostics for £1bn+ schemes. |
| Professional trustee fields show IGG, Law Debenture, Capital Cranfield, Dalriada, Vidett, ITS, Zedra, BESTrustees, PAN Trustees and Broadstone. | Professional trustees are the most scalable introducer channel because they sit across multiple schemes and shape adviser accountability. | Create a relationship programme with 12 named professional trustee firms and joint thought-leadership offers. |
| Covenant adviser concentrations include EY, Penfida, Cardano, LCP, PwC, Lincoln and Marsh. | Surplus and run-on decisions need covenant confidence. Covenant advisers can become allies when Brightwell frames itself as strengthening governance and execution rather than displacing covenant advice. | Develop covenant-adviser collaboration propositions around surplus buffers, run-on risk appetite and sponsor investment cases. |
3. Competitive diagnosis: how to out-position and outplay incumbents
The incumbents are credible, well-resourced and deeply embedded. Brightwell’s opportunity is not to pretend otherwise. It is to exploit the structural weaknesses that come with scale, product adjacency, legacy mandates and partial-scope advice.
| Competitor group | What they can credibly claim | Where Brightwell should attack | Brightwell counter-position |
|---|---|---|---|
| Big three / global advisers WTW, Aon, Mercer/Marsh | Global scale, risk transfer, actuarial, investment, longevity, analytics. Aon frames endgame around settlement, run-on and captives; Mercer argues run-on must address integrated risk, member experience, surplus and governance; WTW says half of £1bn+ schemes look to run on.12 13 15 | They are often already the incumbent or adjacent adviser. The trust problem is whether they can objectively assess whether their own mandate is the right future model. | “Independent operating model challenge.” Brightwell provides a board-ready run-on diagnostic that tests adviser fragmentation, cost duplication, conflicts and member-service execution. |
| Mid-market DB consultancies Hymans, LCP, Isio, XPS, Barnett Waddingham, Broadstone | Specialist DB expertise, actuarial and administration, risk transfer, investment and technology. Barnett Waddingham emphasises DB endgame, actuarial, investment, administration, risk transfer and DB technology.16 | They are service providers more than DB operating platforms. They may lack BTPS-scale proof of running the operating model of one of the UK’s largest schemes. | “BTPS-scale operating heritage.” Brightwell should make scale, lived operational complexity and integrated services the core differentiator. |
| Fiduciary managers and asset managers LGIM, Schroders, BlackRock, Cardano, GSAM and others | Portfolio construction, delegated investment, risk management and illiquid/private market access. | XPS finds only one in three schemes using fiduciary management has formal independent oversight, leaving trustees reliant on managers assessing their own performance.17 | “Fiduciary governance plus execution.” Brightwell should not sell only oversight; it should sell board-level decision control across fiduciary, covenant, surplus and member outcomes. |
| Risk-transfer ecosystem Insurers, brokers, PRT advisers, reinsurers, superfunds | Transaction certainty, buy-in/buyout execution, longevity hedging, superfund alternatives and capital-backed journey plans. Mayer Brown notes the range now includes run-on, longevity swaps, capital-backed journey plans, buy-ins, buyout and superfunds.10 | Transaction bias can narrow the agenda too early. Large schemes need optionality, not premature path dependency. | “Endgame optionality control tower.” Brightwell helps trustees and sponsors preserve choices until data, covenant, investment, member and surplus conditions are aligned. |
1Board recommendation: make “run-on operating partner” the master narrative
Brightwell should stop leading with service lines and instead lead with the Board problem: “Your DB scheme is now a strategic asset, but only if governance, surplus, member experience, data, fiduciary execution and sponsor alignment are integrated.” Service lines become proof, not the proposition.
4. Influential introducer relationships Brightwell should cultivate
For £1bn-plus schemes, direct sponsor outreach alone is too slow. The fastest route to credibility is through professionals who already shape trustee and sponsor decisions. The introducer programme should be deliberate, not opportunistic.
| Introducer group | Why they matter | Priority names / examples | Mutually beneficial collaboration |
|---|---|---|---|
| Professional trustees and governance firms | They sit across multiple schemes, influence adviser review, insist on governance evidence and are increasingly central to DB decision-making. DWP highlights trusteeship and administration standards as central amid new DB options and surplus decisions.8 | Law Debenture, Vidett, BESTrustees, IGG, Capital Cranfield, Dalriada, Zedra, ITS, PAN Trustees. | Joint trustee roundtables on run-on readiness; co-authored governance checklists; “second opinion” adviser-fragmentation diagnostics; trustee education packs on surplus release controls. |
| Law firms | Surplus release, trust deed powers, fiduciary duties, benefit changes, risk-transfer optionality and conflicts all require legal framing. | Mayer Brown, Sackers, CMS, Eversheds Sutherland, Pinsent Masons, Travers Smith, Freshfields, Slaughter and May, Linklaters. | Joint briefings: “Surplus without regret risk”; legal-operational diagnostic scopes; client-safe workshops where lawyers own powers/duties and Brightwell owns operational execution. |
| Covenant advisers | Run-on and surplus require sponsor covenant confidence, buffer design and stress testing. | Penfida, Cardano, EY, PwC, Lincoln Pensions, LCP covenant teams. | Collaborative surplus buffer frameworks; sponsor investment-case modelling; covenant-triggered run-on monitoring dashboards. |
| Risk-transfer advisers, insurers and reinsurers | Even run-on schemes need optionality and may use buy-ins, longevity swaps or phased settlement later. Aon notes longevity hedging is compatible with both run-on and buyout.14 | Rothesay, PIC, Legal & General, Aviva, M&G, Just, Canada Life; reinsurance and PRT advisory teams. | “Run-on now, transaction-ready later” data and benefit audit; joint insurer-readiness scorecards; longevity-risk education for schemes not ready for buyout. |
| Industry platforms and research communities | They convene trustees, CIOs, sponsors and advisers at scale. Mallowstreet’s Brightwell-partnered reports already anchor the £1bn+ endgame conversation.5 | mallowstreet, PLSA, PMI, Professional Pensions, Pensions Age, Corporate Adviser, Pensions Expert. | Annual £1bn+ Run-on Index; private Board dinners; research-led account-based marketing; trustee/sponsor pulse surveys. |
| Auditors and corporate advisers | CFOs and audit committees will drive surplus accounting, sponsor investment cases, M&A and balance-sheet decisions. | PwC, EY, Deloitte, KPMG, Grant Thornton, BDO, corporate finance teams. | Surplus use workshops for CFOs; accounting-to-trustee alignment briefs; M&A/covenant event trigger campaigns. |
5. Relationship cultivation plan: from warm contacts to revenue-bearing channels
1First 30 days: map and tier
Assign each of the top 50 BRPact targets to an introducer map: professional trustee, actuary, administrator, investment adviser, covenant adviser, auditor, legal adviser and risk-transfer influence. Create relationship owners for , Chris Threadgold, Andrew Drake, Shivani Shah and Richard Giles. Each owner should have ten named relationship targets and a clear mutual-benefit hypothesis.
2Days 31–60: give before asking
Offer high-value, non-sales collaboration: a private “£1bn+ Run-on Readiness” briefing deck; a Brightwell/mallowstreet data cut; a trustee checklist; and a short diagnostic template professional trustees can use with boards. The objective is to become useful before requesting referrals.
3Days 61–90: co-create
Invite priority introducers into small-group workshops around surplus governance, run-on operating model, member experience, fiduciary oversight and data readiness. Convert each workshop into one co-authored insight, one event invitation and three target-account introductions.
4Days 91–180: monetise ethically
Turn relationships into defined collaboration motions: paid readiness diagnostics, board workshops, adviser-fragmentation reviews, administration/member-service assessments, fiduciary governance reviews and transaction-readiness plans. Track introductions, meetings, opportunities and closed revenue by introducer source.
6. Revenue plays for the next 12 months
| Revenue play | Trigger | Buyer | Offer | Why Brightwell wins |
|---|---|---|---|---|
| Run-on readiness diagnostic | £1bn+ scheme in surplus, reviewing endgame within 24 months. | Trustee chair, sponsor CFO, pensions director. | Four-week board-ready diagnostic covering data, governance, investment, covenant, surplus and member service. | Brightwell can credibly integrate services and benchmark against large-scheme operating reality. |
| Surplus governance and sponsor alignment workshop | Sponsor interest in surplus, trustee uncertainty, or misalignment. | CFO, trustee board, legal counsel. | Decision framework for surplus sharing, buffers, covenant triggers and member fairness. | Brightwell can bridge trustee duty and sponsor economics without sounding like a transaction broker. |
| Member-service and data quality accelerator | Dashboard readiness, poor administration, insurer-readiness gaps, complaints or legacy data complexity. | Pensions manager, trustee admin subcommittee. | Data, benefits and member-experience review with actionable remediation roadmap. | Brightwell’s member services and technology proposition makes data a revenue door-opener. |
| Fiduciary oversight and value challenge | Delegated investment mandate with weak independent oversight. | Investment subcommittee, professional trustee. | Governance and KPI review, fee/terms challenge, peer benchmark, and action plan. | XPS’s finding that only one in three schemes has formal independent oversight gives Brightwell a compelling market wedge.17 |
| Endgame optionality control tower | Scheme unsure between run-on, buy-in, buyout, superfund or capital-backed journey plan. | Trustee board and sponsor jointly. | Option comparison, evidence pack, timing map, risk register and decision calendar. | Brightwell can keep optionality alive while competitors push narrower routes. |
7. What Brightwell should do differently now
1Create a named “£1bn+ DB Run-on Board Programme”
This should be the flagship commercial wrapper: diagnostic, workshop, relationship map, readiness score, and board paper. The proposition should be priced, packaged and repeatable.
2Build competitor-specific displacement plays
For each target, BRPact should classify the incumbent adviser pattern: Big Three, mid-market consultant, fiduciary manager, administrator-led, professional trustee-led, or insurer-led. Each pattern should trigger a different message, proof point and first meeting ask.
3Make professional trustees the first relationship channel
Professional trustee firms are not just introducers; they are governance gatekeepers. Brightwell should build a formal relationship plan around Law Debenture, Vidett, BESTrustees, IGG, Capital Cranfield, Dalriada, Zedra, ITS and PAN Trustees, with joint events and insight assets.
4Use research as commercial infrastructure
Brightwell already owns distinctive research territory through DB 2036 and the mallowstreet endgame reports. That research should become a quarterly account-based marketing engine, not just collateral.
5Measure what matters
The Board should track: top-100 target coverage; introducer meetings; co-authored events; diagnostics sold; adviser-fragmentation reviews; sponsor–trustee workshops; opportunities by incumbent adviser; and revenue by relationship source.
Bibliography
[1] Brightwell, DB 2036: Out of the Woods?, https://brightwellpensions.com/db-2036-report/
[2] Brightwell, UK businesses eager to put pension scheme surplus to work, https://brightwellpensions.com/uk-businesses-eager-to-put-pension-scheme-surplus-to-work/
[3] The Pensions Regulator, TPR pushes for clear endgame planning as DB schemes remain in surplus, https://www.thepensionsregulator.gov.uk/en/media-hub/press-releases/2026-press-releases/tpr-pushes-for-clear-endgame-planning
[4] PwC, UK DB pension schemes’ surplus continues to grow, creating a ‘fork in the road’ for the market, https://www.pwc.co.uk/press-room/press-releases/research-commentary/2026/uk-db-pension-schemes--surplus-continues-to-grow--creating-a--fo.html
[5] mallowstreet, Research & Insights, https://www.mallowstreet.com/Research
[6] The Pensions Regulator, New models and options in defined benefit pensions schemes, https://www.thepensionsregulator.gov.uk/en/document-library/scheme-management-detailed-guidance/funding-and-investment-detailed-guidance/new-models-and-options-in-defined-benefit-pensions-schemes
[7] DWP, Trust-based pension schemes: Trustees and governance, building a stronger future, https://www.gov.uk/government/consultations/trust-based-pension-schemes-trustees-and-governance-building-a-stronger-future/trust-based-pension-schemes-trustees-and-governance-building-a-stronger-future
[8] Law Debenture, Independent Pensions Trusteeship and Pensions Governance, https://www.lawdebenture.com/independent-professional-services/pensions-trusteeship-and-governance
[9] BESTrustees, Professional pension trusteeship, https://www.bestrustees.co.uk/
[10] Vidett, Professional trusteeship and governance, https://www.vidett.com/
[11] Mayer Brown, United Kingdom: The Shifting Landscape of DB Pension Scheme Endgames, https://www.mayerbrown.com/en/insights/publications/2026/03/united-kingdom-the-shifting-landscape-of-db-pension-scheme-endgames
[12] Mercer, Run-on with purpose, buy out later, https://www.mercer.com/en-gb/insights/pensions/defined-benefit-schemes/run-on-with-purpose-buy-out-later/
[13] Aon, Pension Endgame Solutions, https://www.aon.com/en-gb/capabilities/pensions-and-retirement/pension-endgame-solutions
[14] Aon, Run-on makes tackling longevity risk a priority, https://www.aon.com/unitedkingdom/media-room/articles/tackling-longevity-risk-a-priority
[15] WTW, Most defined benefit schemes eye buyout but half of large schemes look to run on, https://www.wtwco.com/en-gb/news/2026/05/most-defined-benefit-schemes-eye-buyout-but-half-of-large-schemes-look-to-run-on
[16] Barnett Waddingham, Defined benefit consulting, https://www.barnett-waddingham.co.uk/services/defined-benefit-consulting/
[17] XPS, Only 1 in 3 UK pension schemes using fiduciary management has independent oversight, https://www.xpsgroup.com/news-views/press-releases/only-1-3-uk-pension-schemes-using-fiduciary-management-has-independent-oversight-despite-regulatory-expectations-xps-finds/