
Government consults on new rules for surplus payments in DB pension schemes
Pensions Minister Torsten Bell, said: “Our aim is to strike the right balance between strong protection for members and appropriate flexibility for trustees."

Pensions Minister Torsten Bell, said: “Our aim is to strike the right balance between strong protection for members and appropriate flexibility for trustees."

The service aims to help schemes navigate increasingly complex historic insurance arrangements, many of which contain unusual guarantees.

The regulator said stronger funding positions mean many schemes are now moving away from deficit repair strategies and instead focusing on long-term objectives.

The 2026 survey will track changes in the lost pots landscape, looking at the number and value of lost pensions and their age distribution.

Defined benefit (DB) pension scheme funding levels fell back slightly in March as market volatility linked to Middle East tensions impacted performance.

Its latest quarterly DB Redress Tracker for Q2 2026 indicated that, in most cases, no compensation is currently payable to individuals who transferred out of DB pension schemes.

In 2024, 1.4 million more people were saving into DC workplace pensions compared to 2021.

Funding levels for fully hedged schemes rose by 1.1%, increasing from 71.8% at the end of January to 72.9% by the end of February.

The fully hedged scheme saw a marginal fall in funding over December, with its funding level dipping slightly from 71.7% at the end of November to 71.6% by the end of December.

Chris Eastwood, CEO of Penfold, said recent policy decisions have brought short-term stability but signalled longer-term change.

Broadstone has surpassed £1bn in bulk purchase annuity (BPA) premiums advised through its SM&RT Insure proposition, following a record year of activity in 2025.

The firm said trustees and sponsors should use the time before the next valuation to agree on the long-term direction, making sure all parties are involved in the discussion.
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