Torsten Bell

Torsten Bell

Labour — Swansea West

Speaking in the House of Commons on 12 October 2026

Debate

Pension Scheme Surpluses

Contribution

I thank the hon. Gentleman for his question; he and I have met and discussed this issue on many occasions. Around three quarters of schemes already provide some pre-1997 indexation, but the hon. Gentleman is right to point out the strength of feeling on this. I have met with many MPs and scheme members, including those in south Wales who have been affected by lack of pre-1997 indexation on their defined benefit schemes. It is separate from the changes that we have already introduced for the Pension Protection Fund’s indexation. Trustees need to be in the driving seat. Employers will have no direct access to a scheme’s surplus. The flexibilities we have put in place through the Pension Schemes Act 2026 and the guidance being provided by the Pensions Regulator are already changing the nature of the discussion between trustees and employers, and will lead to a step change in this area.

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