Written question asked by Baroness Spielman (Conservative) on Monday, 20 July 2026, in the House of Lords. It was due for an answer on Monday, 3 August 2026. It was answered by Baroness Sherlock (Labour) on Thursday, 30 July 2026 on behalf of the Department for Work and Pensions.

Workplace Pensions

Question: To ask His Majesty's Government whether surplus held within a defined benefit superfund may, under the current regulatory framework, be released to enhance members' benefits; and what assessment they have made of whether the proposed permanent legislative framework should facilitate such surplus distributions.

Answer

In the same way as any other defined benefit scheme, the rules of a superfund scheme will determine how and whether surplus assets can be used to enhance scheme benefits for members. Typically, the trust deed and rules of the scheme will contain an augmentation power or similar which can be used to increase benefits in some circumstances.

Within the permanent superfund framework, we expect innovation and different models will emerge. Some may offer to share surplus funds with members.

Secondary information

Type: Written question
Reference: HL2358
Session: 2026-27
Subjects: Workplace pensions
Link: View this Written question on www.parliament.uk

Workplace Pensions

Secondary information

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