UK Pensions: What’s new this week? May 27, 2025

DB surplus changes to be included in Pensions Schemes Bill

The government has again confirmed that it will introduce measures in the Pension Schemes Bill to allow trustees and sponsoring employers to ‘safely release some surplus to invest back into their businesses and unlock more money for pension scheme members’. In a press statement, the DWP stated that the changes will focus on member protection and that trustees will continue to be required to fulfil their fiduciary duties to scheme beneficiaries.

The headline of the press release suggests that there is up to GBP160 billion of surplus available to boost growth, which is taken from the Pensions Regulator’s data on the aggregate DB surplus based on low dependency funding. A formal response to the earlier consultation on dealing with scheme surpluses is expected in the coming weeks.

Read the DWP press release.

PASA: Guidance on identity assurance

The Pensions Administration Standards Association (PASA) has published guidance on mitigating identity-related fraud. The guidance, ‘Protecting identities during high risk events’, outlines specific identity risk situations such as a fraudster gaining unauthorised access to a member’s online accounts and the interception of mail after a member has changed address, and provides best practice suggestions for mitigating risks in relation to member data changes. It also discusses specific risk situations, including transfers out of the scheme, retirement and death.

Read the PASA guidance on ‘Protecting identities during high risk events’.