15 April 2026
The Trustees are scheduled to meet with Chris McDonald, the Minister for Industry, again in the week commencing 11 May 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-May meeting as soon as possible.