According to Professional Pensions, a report from one of the leading actuarial/investment consultants suggests that, in aggregate, the UK's biggest pension schemes are now in surplus, as measured on an FRS-17 basis. I find this a bit hard to believe. I was talking to a trustee of a very large scheme the other day and he was very clear that they were still in deficit, and I don't think he will be alone amongst the bigger schemes. Maybe its the FRS-17 basis that does it?
In any case it might not be a good thing for scheme members. It might lead some employers to close schemes altogether in order to lock down the costs. One to keep an eye on definitely.