We all recall the heady days of overfunded schemes and surplus repayments to the employer, as well as the pre-A Day requirement for schemes to take steps to reduce funding surpluses - may those days return…

Until then, however, wishful or pragmatic employers of ongoing schemes will probably want to retain any pre-existing power in their scheme’s rules for trustees to repay surpluses. We advise employers and trustees not to delay in reviewing their scheme documents to determine if there is such a power.

Importantly, where schemes do contain such a power, trustees will need to pass a resolution by 6 April 2016 for the power to remain valid. Before this, trustees must give at least three months’ notice to the employer and members, so by 6 January 2016 at the latest.