Member

The noble Viscount asked about the Government’s approach to managing scheme surpluses. Before we get into everybody talking about reserves for everything, whether it is the PPF or schemes, it is worth saying on the interchanging of reserves and surplus that they are not necessarily the same. Our proposed changes to DB surplus flexibilities refer to private sector occupational DB schemes. Schemes within the PPF and the reserves it holds do not form part of the proposals. That may be obvious, but I say it for the record to be clear that that is the case.