Before the debate, 51% voted against the motion. After four outstanding speeches which were sharp, substantive, and genuinely contested, 51% voted against. Individuals had moved in both directions across the evening; the overall vote had not.
I have had the privilege of chairing the last three of our debates, and each year the motion has landed at exactly the right moment. This year is no different. We are at a genuine inflection point for DB pensions in the UK. Funding positions have transformed. The Pension Schemes Act 2026 will reshape the landscape. Buyout volumes have been at record levels, and yet a serious, evidence-based conversation is now underway about whether buyout is always the right destination or whether well-governed schemes, with engaged sponsors and robust member protections, might find other routes that serve members equally well or better.
The 51/49 split tells its own story. This is not a settled question.
My own view, and I say this as someone who sat neutrally in the chair, is that the answer will be different for every scheme. What matters is that trustees, sponsors, advisers, and members engage with the decision seriously, with eyes open, in a landscape that has genuinely changed. Defaulting to any outcome without that rigour does a disservice to the members whose interests sit at the heart of everything we do.
I am enormously proud of what the LawDeb team has built with this event. Four brilliant speakers: Calum Cooper,Jane Kola, Hattie Clover, and Richard Gibson gave up their time to argue their assigned positions with conviction, care, and real expertise. The audience, in London, Manchester, and online, brought the energy and engagement that makes this the event many in our industry tell us they look forward to most each year.
That means everything to us. LawDeb’s purpose is to be genuinely independent; not just in our governance structure, but in how we think. Events like this are how we live up to that ethos.
More to come on the substantive themes over the coming weeks. For now, thank you to everyone who joined us, and to the team who made it happen.
Do enjoy photos from the London and Manchester events below.