26 June 2026
The Trustees are scheduled to meet with Chris McDonald, the Minister for Industry, again in mid-July to discuss their proposals on future surplus sharing.
The Trustees have proposed to the Minister that the Scheme rules are updated so that:
- clear valuations showing the surplus or deficit in the Scheme are produced going forward
- where the Scheme has a surplus, the Trustees can use 100% of this surplus to enhance members’ pensions
- any surplus can be distributed when it arises, rather than waiting for the next three-yearly valuation
The Trustees have not proposed any changes to the government guarantee.
We will update members on the outcome of the mid-July meeting as soon as possible.