All Surplus articles
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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OpinionAssessing covenant reliability in an increasingly unpredictable world
From commercial pressures to tariff troubles, and national insurance hikes to geopolitical volatility, there are myriad issues affecting employer covenants. Vidett’s Mike Birch explores how these interact with the regulator’s new DB Funding Code.
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FeaturesFive Questions For… Morten Nilsson, Brightwell
Pensions Expert spoke to Brightwell chief executive Morten Nilsson about the government’s surplus release plans, and how he envisages sharing the BT Pension Scheme’s experiences with the wider market.
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NewsSackers poll: Surplus reform and decumulation top industry wish list
Trustees and employers have backed surplus flexibility and retirement income solutions in the Pension Schemes Bill – but Sackers warns that pensions adequacy risks being overlooked.
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NewsDB schemes ride out Q2 volatility to retain strong funding position
Ongoing tariff negotiations and the Autumn Budget are among the risks trustees must navigate over the coming months, as well as ongoing discussions around surplus release.
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OpinionSPP: How the government’s proposed DB surplus release rules will work
In one of the biggest changes to the rules for defined benefit schemes in years, trustees will soon be allowed to relax rules around releasing surpluses. Bina Mistry of the Society of Pension Professionals explains how this could work.
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In DepthIn Depth: LGPS surpluses and tight budgets make for ‘challenging mix’
Funds in the Local Government Pension Scheme (LGPS) face a challenge in the weeks and months ahead as triennial valuations could reveal significant surpluses – at a time when many councils are strapped for cash.
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OpinionWhat the Pension Schemes Bill means for small businesses
There is a lot to digest from the recent Pension Schemes Bill. Wedlake Bell’s Justin McGilloway breaks down the key considerations and action points for small employers.