All Surplus articles
-
NewsBritish Coal trustees to lobby government for surplus flexibilities
The BCSSS trustees have met with Chris McDonald, the minister for industry, to discuss changes to the scheme rules that would allow the trustees greater control over how any surplus is used in the future.
-
NewsLow dependency overtakes buyout as DB schemes rethink endgame
Improving funding levels are giving defined benefit schemes more endgame options, but many have yet to put clear governance frameworks in place for surplus and long-term decision-making.
-
OpinionABI: A more productive conversation about investment and DB endgames
Rob Yuille of the Association of British Insurers says it is time we defined our terms around productive investment to make sure policies work for all stakeholders.
-
NewsDB trustees eyeing surplus release as part of endgame plan, says L&G
Bulk annuities remain a key element of most defined benefit pension schemes’ endgame planning, but running on and accessing surplus is becoming a more popular option.
-
In DepthSpecial report: The Pension Schemes Bill in the House of Lords
The landmark legislation begins its report stage this week, with peers still debating more than 180 amendments to the Pension Schemes Bill. Pensions Expert explores what is up for discussion over the next two weeks.
-
OpinionIs running on DB schemes a bridge to stronger DC outcomes?
Lindsay Nickerson, the new chair of the DC Investment Forum, explores the interaction between defined benefit surpluses and payments into defined contribution pension schemes.
-
NewsTPR’s predictions for the DB run-on market
The regulator has published a major forecasting exercise exploring the potential evolution of the DB sector under different scenarios, including growing appetite for run-on approaches and a successful superfund market.
-
PodcastsAlways A Pensions Angle: Probing amendments and Panglossian optimism
Nick reports from wet and windy Scotland (with trainee guide dog Jenny) as he and Tom dissect the Pension Schemes Bill’s journey through the House of Lords, and mull over what the US’s recent actions mean for portfolios.
-
OpinionAMNT: When is your pension like a Mars bar?
Maggie Rodger, co-chair of the Association of Member-Nominated Trustees, highlights the effects of changes to accruals and contributions made in the wake of the financial crisis, and how these should influence surplus discussion.
-
NewsDB schemes navigate volatile 2025 to finish with stronger funding position
Defined benefit pension schemes finished 2025 with an aggregate surplus of £259.7bn, according to the latest data from the Pension Protection Fund’s 7800 index.
-
FeaturesOutlook 2026: The changing face of DB endgame options
Defined benefit experts give their views on the challenges and opportunities presented by the Pension Schemes Bill and other industry developments.
-
NewsSurplus sharing dominating scheme decision-making, study shows
UK pension schemes are at a crossroads as surplus distribution challenges dominate decision-making, according to new research from PwC.
-
NewsAviva to support surplus sharing into DC master trust
Aviva’s £15bn defined contribution master trust has launched a service to make it easier for defined benefit trustees to use surplus assets to top up DC benefits.
-
FeaturesOutlook 2026: Beyond the Pensions Schemes Bill – lawyers eye key developments
Pensions Expert quizzes lawyers to find out what they expect to be the key issues that trustees and pension professionals should look out for in 2026.
-
NewsStagecoach transfers DB scheme to Aberdeen in innovative run-on deal
Stagecoach has agreed an innovative deal with financial services giant Aberdeen to transfer the bus company’s £1.2bn defined benefit pension scheme into a ‘run on’ arrangement.
-
NewsBudget round-up: Leaks, sacrifices, and unexpected changes
Pensions Expert gathers all the essential pensions reading from chancellor Rachel Reeves’ 2025 Budget speech in one place, from salary sacrifice to surplus release, and pre-1997 indexation to the financial market reaction.
-
NewsBritish Coal pensioners to share in £2.3bn investment reserve
Chancellor Rachel Reeves confirmed that the investment reserve would be transferred to British Coal Staff Superannuation Scheme members, following a similar decision last year affecting the Mineworkers’ Pension Scheme.
-
NewsBudget to reduce tax bill for DB surplus sharing from 2027
The change means that schemes can share surpluses with pensioner members without recipients incurring large tax bills and without permanently increasing pension payments.
-
NewsSPP warns against blanket law change on pre-1997 indexation
The Society of Pension Professionals has urged the government not to impose a universal requirement for DB schemes to grant inflation increases on pre-1997 pensions.
-
NewsFrom £160bn to £11bn: Government reins in surplus release estimate
Data highlighted by the Society of Pension Professionals shows that the government’s central estimate for capital released from DB surpluses is less than 10% of the £160bn it cited at the launch of the Pension Schemes Bill.