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Most DB schemes plan to share surplus: LCP

by Muna Abdi
June 3, 2025
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Most defined benefit (DB) pension schemes are either already planning to share surplus funds or will consider doing so soon, according to an upcoming LCP survey.

Larger schemes are particularly interested, with two-thirds of those over £1 billion and 80 per cent of schemes over £5 billion actively exploring surplus distribution.

This comes after the government announced plans to make it easier for schemes to access and share surplus funds, aiming to boost investment and deliver more value to members.

LCP’s annual survey, conducted in March and April, asked DB schemes about the potential impact of the new surplus-sharing rules. Around 45 per cent said the rules won’t affect them as they don’t plan to share surplus. Meanwhile, 29 per cent will review their strategy, 6 per cent expect major changes, and 20 per cent are already preparing to share surplus.

LCP partner Mary Spencer says: “It’s encouraging to see how many schemes are already actively considering what the new rules around surplus use might mean for them, recognising the potential benefits for both members and sponsors – and we would expect this has only grown with last week’s announcements. 

“This backs up our experience, and we have been helping a number of our clients make active decisions on their strategy in anticipation of the changes. 

“Of course, not all schemes will want to use any new flexibilities, and actual practice will depend on the ultimate policy detail and, crucially, the protection given to members. But it’s great to see schemes being promised additional flexibility, with LCP having been a key industry voice advocating for policy change in this area over recent years.”

 

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