Gonzo
The sum of money that is left over after current and all future liabilities of the scheme are taken into account
Negative Captain! Surplus is current commitments vs pension contributions. The future pension benfiits are what the underlying rate is about. And if NATS had paid the underlying rate then a surplus would always exist as future pension outgoings, higher than currently, will need to be met, assuming the number of pensioners increases (i.e longevity) and/or pay is above inflation.
In december 2003 there was a surplus of £296.2m realtive to the technical provisions
Technical provisions - actives (
excluding any reserve for future expenses)