Member

On the question of surplus, there are, of course, billions of pounds in surplus funds in private sector DB pension schemes. Surplus assets bring an opportunity to offer greater benefits to employers, scheme members and the wider economy, without undermining member security—crucially. We will enable trustees of well-funded DB pension schemes to share surplus funds with the sponsoring employers and members, subject to stringent funding safeguards. I am sorry to say that I cannot give the details of that at the moment, but we are clear that the security of member benefits is fundamental. We will bring forward details in the coming months. The noble Viscount knows that, in the coming months, we will release our response on the DB options and that we will give more detail in that. I reassure not just the noble Viscount but the Grand Committee that changes will focus on member protection, with appropriate safeguards to ensure that benefits are not placed at undue risk.