19 May 2026
The BCSSS Trustees met with Chris McDonald, the Minister for Industry, on 13 May to discuss the Trustees’ proposals regarding future surplus sharing.
The meeting was constructive, and the Trustees and the Minister have agreed to work together on the detail of the proposals over the coming months.
No agreement has yet been reached. But the Minister and his team have committed to making as much time as needed to allow detailed discussions to take place.
What have the Trustees proposed?
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.
When will we next update members?
We will update members on progress as soon as we can and no later than the end of June.