From deficits to trapped surpluses

Schemes must be on their guard as trapped surpluses become a clear and present danger.

clock • 7 min read
From deficits to trapped surpluses

Deficits and funding have topped trustee boards' agendas for decades but, in a surprise turnaround, many schemes are now reporting surpluses for the first time for years.

While many defined benefit (DB) pension schemes are struggling with sponsors' covenants in danger, some have flourished since the Covid-19 pandemic hit the UK in 2020. Indeed, both equities and gilt yields...

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