06 August 2026
10 min
Welcome to the fourth edition of OpenDB, our newsletter for trustees and sponsors of open Defined Benefit (DB) schemes.
In previous editions, we’ve looked at the improving economics of DB accrual, contribution stability mechanisms, investment strategy and the first practical implications of the new funding code.
With surplus reform high on the agenda, this edition examines how open DB schemes can share surplus safely and sustainably. We explore:
what the latest surplus reforms could mean for open DB schemes
key questions for trustees and sponsors as they develop surplus-sharing policies
how surplus could support future accrual and the long-term sustainability of DB provision
If you have any questions or would like to discuss further, please get in touch.
This communication has been compiled by Hymans Robertson LLP® (HR) as a general information summary and is based on its understanding of events as at the date of publication, which may be subject to change. It is not to be relied upon for investment or financial decisions and is not a substitute for professional advice (including for legal, investment or tax advice) on specific circumstances. HR accepts no liability for errors or omissions or reliance on any statement or opinion. Where we have relied upon data provided by third parties, reasonable care has been taken to assess its accuracy however we provide no guarantee and accept no liability in respect of any errors made by any third party.
Please note the value of investments, and income from them, may fall as well as rise. This includes but is not limited to equities, government or corporate bonds, derivatives and property, whether held directly or in a pooled or collective investment vehicle. Further, investments in developing or emerging markets may be more volatile and less marketable than in mature markets. Exchange rates may also affect the value of investments. As a result, an investor may not get back the full amount of the original investment. Past performance is not necessarily a guide to future performance.
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