PENSION SCHEMES BILL TO ENABLE
DB SURPLUS RELEASE
read PAPER
A panel discussion hosted by Insight in March 2024 focused on the future of UK DB pension schemes, and covered the environment for DB schemes today, the implications of the current government consultation on DB options, and answered a wide range of questions on the practical implications for schemes.
Read an edited transcript of the discussion.
We are definitely sensing a real move among CFOs from buy-out being the gold standard to…some recognising that the game has changed, and that in fact there may be another way.
READ THE UK GOVERNMENT'S ANNOUNCEMENT
The government’s Pension Schemes Bill, published on 5 June 2025, introduces increased flexibility for UK DB pension schemes to release surplus assets. This could lead to significant positive outcomes for members, corporate sponsors and the UK economy.
This is a welcome development. Schemes in surplus can keep their members’ retirement income secure, while unlocking significant potential for additional benefits for members, sponsors and the wider UK economy.
THE MOST IMPORTANT CONSULTATION IN UK PENSIONS HISTORY?
THE FUTURE OF DB PENSION SCHEMES
This consultation is about no less than whether this once-in-a-generation opportunity will be captured or lost.
read THE OUTCOME
UK DB pension schemes have the scope to serve their members’ interests, benefit corporate sponsors and support the UK economy. A well-coordinated policy response could unlock these significant benefits, and the government’s February 2024 consultation considered some of the options. The government published the consultation outcome in May 2025.
Read our response to the UK government’s 2024 consultation, and the 2025 outcome.
Paul Kitson, Actuary and UK Head of Pensions Consulting at EY
Jos Vermeulen, Head of Solution Design,
Insight Investment
read INSIGHT'S RESPONSE