When a surplus appears, it raises some deceptively simple – but important – questions. Who controls it? How should it be used? And how does it fit with a scheme’s long-term strategy?

In this episode our host David Brooks is joined by Hatty Goodwin a Trustee Director at IGG and Broadstone’s Head of Investment Consulting Marc Devereux.

They explore how trustees and sponsors think about surplus in practice – from materiality and asset allocation to liquidity, run-on plans and a changing legislative backdrop.