28 October 2026
In the Autumn Budget today, the government agreed that 100% of any future surplus in the Scheme can be used to increase members’ pensions. This is an important outcome for members and the culmination of a great deal of work by the Trustees.
What's been agreed
Your Trustees asked the government to change the Scheme rules on surplus sharing. From now on:
- the Scheme will produce clear valuations that show any surplus or deficit
- when there is a surplus, the Trustees can use all of it to increase members' pensions
The Trustees have also asked that, as part of the update to the Scheme's rules, any meaningful surplus can be distributed when it arises, rather than waiting for the next three-yearly valuation. Discussions are still ongoing.
What this means for your pension
These new rules will not change your pension now and the Government Guarantee remains exactly as before. This will only affect what might happen in the future.
When might your pension increase?
Your pension could increase if the Scheme has extra money, known as a surplus. The next full valuation will show whether there is a surplus. Under the new rules, any surplus can be used entirely for members. The next full valuation will be at 31 March 2027.
The valuation takes several months to complete. Once it is finished, the Trustees will need to decide how to share any surplus with members.
This means it will be several months before you would see any increase from a surplus.
What happens next
The Trustees will work with the new Minister for Industry, Blair McDougall, to put the new rules in place. They will also prepare for the next valuation.
We'll keep you updated on the Scheme website whenever there is news to share.