Member

A key question, asked by the noble Lord, Lord Kirkhope, is: how do we know where it will be spent, for a start? We are not mandating where it will be spent. Once it is released to a surplus via trustees to an employer, it is up to the employer to decide what they do with that. It is for the trustees and sponsoring employers to determine how best to use the surplus funds and how they can best take account of the circumstances. It is expected, because trustees are in the driving seat, that any surplus will be shared between employers and members, provided that that is appropriate to that particular scheme. If so, that could support increased investment by UK businesses as well as higher retirement incomes for members, thereby contributing to driving economic growth.