Aon has launched Run-On Futures, a new run-on service designed for smaller defined benefit (DB) pension schemes.

Aon’s Run-On Futures combines actuarial, investment, covenant and administration services for smaller DB schemes considering a run-on strategy rather than an immediate insurance-based endgame.

The approach allows schemes to run-on in the short or long-term, with surplus-sharing options.

It provides a run-on framework and access to Aon-managed funds offering diversified growth strategies typically reserved for larger schemes, as well as ways to control fixed running costs.

According to Aon's 2026 Endgame Survey, 47 per cent of schemes above £1bn planned to run-on beyond the point at which they could first buyout with an insurer, compared with just 14 per cent of schemes below £100m.

Aon senior partner and head of run-on and alternative solutions, John Harvey, said that while run-on has come to be seen as the preserve of the largest schemes, this did not need to be the case.

“Although we recognise that smaller schemes face genuine challenges when contemplating running on, such as limited management time and proportionately higher fixed running costs, we believe this gap reflects more of a perception issue in the market rather than a fundamental barrier," he stated.

Aon partner and head of investment endgame, Lucy Barron, added: “With Run-On Futures we are giving trustees and sponsors of smaller schemes access to the same rigour, discipline and investment capability that larger schemes have long enjoyed.

“It’s delivered through an integrated, cost-efficient model that makes run-on a practical and compelling choice. Most importantly, this offers the best possible outcomes for both smaller schemes and their members.”

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