TPR pushes for clear endgame planning as DB schemes remain in surplus

What This Means for Pension Schemes

TPR press releases signal regulatory priorities and enforcement activity. Trustees and scheme administrators should review this release for relevance to their own scheme governance, funding, and compliance obligations.

With aggregate DB funding at historic highs, TPR is right to push for endgame clarity. Schemes in surplus face a genuine strategic choice between buyout, run-on, and superfund transfer. Trustees without a documented endgame strategy are increasingly out of step with regulatory expectations — and may be leaving value on the table.