XPS urges UK to add safeguards to DB pension surplus regime reforms

• XPS Pensions Group urged policymakers to add safeguards to the UK’s planned DB surplus regime ahead of the consultation deadline.
• Called for clearer trustee tests on whether “low dependency” remains the right funding measure as market practice develops.
• Recommended explicit requirements to assess protections against future underfunding, supported by covenant advice as a defined category of “appropriate advice.”
• Framed the changes as a way to unlock surpluses while protecting member security, without making the regime overly prescriptive.

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