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Latest funding and surplus news
In Depth: What TPR’s Annual Funding Statement tells us about endgame planning
Pensions Expert explores the latest Annual Funding Statement and gauges the industry reaction as attention turns to surplus release regulations, ahead of new rules expected next year.
British 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.
DB schemes end Q1 with stronger funding ratio despite asset volatility
The conflict in Iran has not hurt the overall funding levels of DB schemes so far this year, although aggregate assets have fallen slightly since the end of 2025.
Low 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.
ABI: 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.
DB 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.
More on DB from Pensions Expert
Government must consult on future of £14bn PPF reserves, says SPP
What to do with PPF reserves?
Streamlining the risk transfer process: it’s harder than you might think
Ahead of a new research series from Pensions Expert into small scheme bulk annuities, members of the Endgame Perspectives Group explore how streamlined services have developed, their limitations, and how they can better serve pension schemes and members.
Pro trustees to oversee two thirds of DB market in five years, report predicts
Isio’s survey finds that the 10 largest providers oversee more than 2,400 DB schemes and £1trn in assets – underscoring the ‘systemic importance’ of the sector as highlighted by the Pensions Regulator.
Why the ‘gateway’ for DB superfunds is not a technical issue but a growth one
Ashok Gupta of investment think tank New Capital Consensus argues that the emerging world of defined benefit superfunds could form a crucial part of the government’s growth and investment strategy – but the regulatory approach must change.
Bulk annuities update: Bakkavor’s buy-in; Canada Life launches member portal
Food manufacturing company Bakkavor has secured a £160m full scheme buy-in for its defined benefit pension scheme with Rothesay, just months after it was acquired.
Pension Schemes Bill finalised: Industry hails ‘historic moment’ despite spectre of mandation
The Pension Schemes Bill has been finalised after protracted debates between legislators, and will now move to receive Royal Assent. Pensions Expert rounds up some of the industry reaction across the various elements of the new legislation.
Pricing remains key for schemes considering bulk annuities
Research from Standard Life shows how priorities vary depending on the size of the scheme, but the pricing of bulk annuities remains the key determining factor for most trustee boards.
The Friday Takeaway: The Pension Schemes Bill’s missed opportunity
The Pension Schemes Bill is nearly an Act of Parliament, but despite its overarching aim of improving member outcomes, one substantial group of pensioners have been overlooked, writes Nick Reeve.