PMI welcomes DWP consultation on DB scheme surplus proposals

The PMI today welcomed DWP's consultation Surplus Flexibilities for Defined Benefit Pension Schemes: Unlocking Value for Employers and Scheme Members

Helen Forrest Hall, Chief Strategy Officer at the PMI, said:  

“PMI welcomes the publication of the draft surplus regulations for consultation. The proposals give trustees a clear and central role in determining when surplus can be used, with decisions grounded in low‑dependency principles consistent with the DB Funding Code. 

“The move to a forward‑looking test, rather than a single point‑in‑time assessment, provides a more practical basis for planning. The continued requirement for member notification maintains transparency, and the work alongside the FRC on supporting standards will help ensure consistency across the framework. 

“This additional clarity will support schemes and employers as they consider their long‑term funding and surplus strategies. It is a constructive step that enables schemes to begin preparing for implementation with greater confidence.” 

Note to editors:    

• The Pensions Management Institute (PMI) is the UK’s leading professional body for those working in pensions and retirement savings. With over 8,500 members, the PMI represents the broadest range of pensions professionals and trustees in the country.      

• Its members are responsible for managing and advising some of the world’s largest pension schemes, making key decisions on substantial financial matters. With more than £1 trillion invested in UK pensions, PMI members play a vital role in shaping the nation’s financial future. With five decades of experience, PMI remains at the forefront of pensions education and thought leadership.      

Press contact:     

For media enquiries, please contact Matt Adams, Head of Media and PR at pressoffice@pensions-pmi.org.uk