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ARTICLE · 18 JUNE 2026

Government Consults On DB Refunds

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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The Government has launched a consultation (with draft regulations) on DB surplus sharing, and The Pensions Regulator has published an associated statement.

United KingdomEmployment and HR
Samantha Brown
Samantha Brown
Rachel Pinto
Rachel Pinto
Michael Aherne
Michael Aherne
Richard Evans
Richard Evans
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The Government has launched a consultation (with draft regulations) on DB surplus sharing, and The Pensions Regulator has published an associated statement.

These developments follow the passing of the Pension Schemes Act 2026. Section 9 of the Act will allow trustees to modify ongoing DB schemes by resolution, to give themselves a refund power or to remove restrictions on any existing power.

There are no major surprises either in the consultation document or in TPR's statement. As expected following the Government's May 2025 position paper, the funding test for refunds will be "low-dependency" – albeit with a forward-looking element.

Key points are summarised below. Note that they relate only to ongoing schemes. There is separate legislation for schemes in winding-up.

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