head head head

What happens to any surplus in a pension fund that is wound up?

There is very unlikely to be a surplus in any scheme that is wound up.  If there were to be a surplus in a DB pension scheme, it would be dealt with in accordance with the trust deed and rules. This could include increases to member benefits; in certain circumstances, part of the surplus could be paid to the employer.

There is more about winding up on the TPAS website.