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Association of Consulting Actuaries publishes policy paper on DB surplus flexibility
United Kingdom | Publication | March 2025
A policy paper from the Association of Consulting Actuaries, Unlocking DB Pension Scheme Surplus, sets its recommendations for new legislation and supporting guidance to cover. This follows the announcement by the Chancellor in January 2025 that the government intends to lift restrictions on how well-funded DB schemes may release surplus funds.
Among the proposals set out in the paper are considerations for member protections and the role of trustees in the process. It also explores whether there should be any flexibilities or restrictions on how the released surplus is used, including the flexibility to use the DB surplus to support an employer's pension obligations in a different trust.
The Association suggests that trustees would prefer the gradual release of surplus funds over time to reduce the "regret risk" of large one-off payments and to allow surplus funds "to be generated and released on a more predictable and stable basis".
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