All Surplus articles
-
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.
-
OpinionThe AMNT’s pensions manifesto for 2030 and beyond
With the scope of reforms to the pensions industry becoming apparent, John Flynn of the Association of Member-Nominated Trustees (AMNT) sets out some key priorities for his organisation and policymakers.
-
NewsCase for surplus release continues to strengthen as DB funding improves
Data reports from XPS Group, Broadstone, and LCP demonstrate the strong funding positions enjoyed by the majority of defined benefit pension schemes at the end of the third quarter of 2025.
-
OpinionData shows UK businesses are poised to put pension scheme surpluses to work
Measures in the Pension Schemes Bill are designed to make it easier for trustees to release surplus assets from overfunded defined benefit pension schemes. Brightwell’s Amy Mankelow explores data showing that sponsoring companies are keen to put this money to work.
-
NewsLawyers call for more guidance on Virgin Media ruling effects
Speakers at an SPP webinar say additional guidance on section 37 cases is needed despite the government’s pledge to mitigate the effects of the Virgin Media ruling through amendments to the Pension Schemes Bill.
-
NewsTPR: DB schemes must embrace opportunities of Pension Schemes Bill
Speaking at the Pensions Expert DB Strategic Summit this week, TPR’s David Walmsley urged delegates to embrace the opportunities of reforms currently being developed, including through the Pension Schemes Bill.
-
NewsMajority of DB schemes ‘need covenant work’ before surplus can be released
Covenant experts say pension fund trustee boards must ensure their sponsor covenant information reflects their surplus position and is appropriate to support any future surplus release decisions.
-
NewsDiscretionary increases fall as inflation drops from 2022 peak
Fewer defined benefit pension schemes are offering discretionary increases, research shows, even as the consumer prices index is starting to creep higher.