With DB pension schemes increasingly reporting significant surpluses, the conversation is shifting from how they arose to what should happen next. In this episode, Steve Hull, a Partner in Burges Salmon’s pensions team, and Becky Wood, Trustee Director and Head of Vidett’s Endgame Solutions team, explore the evolving legal and fiduciary landscape around surplus—who it belongs to, how it can be used, and what trustees and sponsors should consider before taking action. From benefit enhancements to one-off payments and governance best practice, this discussion offers practical insight into one of the most important—and contentious—issues in pensions today. Please note, this podcast was recorded before the publication of consultation on the Surplus Flexibilities for Defined Benefit Pension Schemes.