Member

Let me turn to the specifics of the amendments. Amendment 24, tabled by my noble friend Lord Davies, would require the Government to mandate that surplus is shared with both the employer and members. I hate to disappoint my noble friend, but the Government have been clear that we do not intend to mandate the use of surplus. Decisions to release surplus remain in the hands of trustees. They are best placed to consider the specific circumstances of the scheme and the employer. My noble friend quoted me nicely when he said that trustees, working with sponsoring employers, will be responsible for determining how members may benefit from surplus release. Recent research by the Pensions Regulator shows that surplus has been used in a variety of ways, including to enhance member benefits and provide contribution holidays.