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TPR surplus guidance must avoid 'undermining' DB investment ambitions


By Callum Conway

The Pensions Regulator’s (TPR) upcoming guidance on defined benefit (DB) surplus release must avoid creating expectations that surplus should be distributed in a particular way, or risk undermining government ambitions to encourage well-funded schemes to run on and invest for growth, the Association of Consulting Actuaries (ACA) has warned.

Responding to the Department for Work and Pensions’ (DWP) consultation on surplus flexibilities for DB schemes, the ACA broadly welcomed the proposed reforms and supported plans to introduce the new regime from April 2027


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Master trust growth strategies deliver positive Q2 returns after volatile start to 2026

Defined contribution (DC) master trusts reported a rebound in growth-phase strategy returns over Q2 2026, as easing geopolitical tensions and falling oil prices improved investor sentiment, Isio has revealed

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Nearly three in 10 young adults have used AI for pension information

Almost three in 10 (29 per cent) people aged 18-34 have used artificial intelligence (AI) to get information about pensions or retirement savings, according to Standard Life research

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Affordability influencing retirement timing for vast majority of workers

More than nine in 10 (92 per cent) UK employees would retire earlier than currently planned if they could afford to do so, according to research by Penfold

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Low earners may miss out on pension top-ups despite HMRC letter campaign

Around one million low earners are set to be contacted by HMRC inviting them to claim missed pension tax relief top-up payments, although LCP partner, Steve Webb, has warned there could be "huge non-take-up” because many recipients may be unaware of the issue or mistake the letters for a scam

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Three-quarters of run-on DB schemes yet to decide how to use surplus

More than three-quarters (76 per cent) of defined benefit (DB) schemes in surplus and planning to run on are yet to decide how surplus should be shared between employers and members, according to research from Aon

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Surplus rules need to 'recognise uncertainty’ around DB regime

The government’s proposed defined benefit (DB) pension surplus reforms need to recognise uncertainty around low dependency valuations and emerging market practice, XPS has argued

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