17 July 2026
The BCSSS Trustees met with Chris McDonald, the Minister for Industry, again on 14 July to discuss their proposals on future surplus sharing.
The meeting was constructive, and the Trustees will now work closely with the Minister’s team on the details of the Trustees’ proposals.
The Trustees and the Minister have agreed to meet again in September.
As a reminder, 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'll update members as soon as we can on any progress.