24 February 2026
The BCSSS Trustees met with Chris McDonald MP, the Minister for Industry, on 23 February to discuss the Trustees' proposals on future surplus sharing. The meeting took place a few days later than originally planned.
Cheryl Agius, Mike Adie and Bleddyn Hancock represented the Trustees. Steve Yemm, the MP for Mansfield, and members of the Trustees' support team also attended.
Following member feedback over recent months, the Trustees proposed updating the Scheme rules 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 this to enhance members' pensions
- any surplus can be distributed when it arises, rather than waiting for the next three-yearly valuation
The meeting was constructive. The Minister and the Trustees agreed to work together over the next couple of months to develop the proposal details. The Trustees are not proposing any changes to the government guarantee.
The Minister and the Trustees will meet again in April.