tPR exercises little-used power to release trapped surplus

In a determination published yesterday, tPR has exercised its power under s.69 of the Pensions Act 1995 to modify the provisions of a pension scheme in winding up, to enable a surplus which would otherwise have been trapped in the scheme to be distributed to the sponsoring employer. This is only the second time this power has been exercised since it was introduced in 1997.

The determination can be found here. A case note summarising the determination will be published on this website shortly.