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International Restructuring Newswire
Welcome to the Q3 2025 edition of the Norton Rose Fulbright International Restructuring Newswire.
Pension Schemes Bill to include DB surplus release provisions
United Kingdom | Publication | May 2025
The DWP has confirmed that the forthcoming Pension Schemes Bill will include changes to DB surplus rules to provide more flexibility for surplus release.
In a statement published on May 21, 2025, the Government revealed that the changes will focus on member protection, and that trustees will continue to be required to fulfil their duties towards scheme beneficiaries. The DWP said that most DB schemes are now running at a surplus and deficit payments are down by over £10bn a year.
Minister for Pensions Torsten Bell commented: “Currently some trustees are held back from sharing the benefits of a surplus, but our plans will allow all schemes to safely do so, delivering greater investment across firms and benefits for savers.”
The released funds could be used to support business investment or enhance benefits for scheme members, while maintaining protections for beneficiaries. The exact details of the surplus policy will be set out in the Government’s response to the “Options for Defined Benefit Schemes” consultation, which the DWP said is expected to be published in the ‘coming weeks’.
See our recent blog Surplus to requirements? Why the Government wants more law on returning surplus.
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