First Briefing, June 2025: Surplus flexibilities

The Government has responded to its 2024 consultation Options for Defined Benefit schemes. Its response sets out proposals to make it easier for Defined Benefit (DB) schemes to distribute surplus, subject to stringent safeguards to protect members’ pensions. In this briefing, we discuss the proposals, the legislative timetable and interim guidance provided by The Pensions Regulator (TPR).

First Actuarial case studies

BACB

At London-based British Arab Commercial Bank (BACB), there was an increasing focus on getting a better deal for members of the Defined Contribution (DC) Scheme. First Actuarial helped BACB move the Scheme to a master trust, delivering time and cost savings while improving the member experience.

Standard Group

Independent trustee ZEDRA approached First Actuarial to help take the Standard Group (UK) Pension Scheme through a £26m buy-in and wind-up. First Actuarial supported the Trustee throughout the process, with its end-to-end risk transfer service.

BSRIA

First Actuarial delivered a cost-effective new governance framework to meet the requirements of the general code of practice for the trustees of the BSRIA Pension Scheme.