An overhaul of company pension schemes is being considered by Chancellor Jeremy Hunt in his Autumn Statement to free up billions of cash for investment.
According to a report in the Telegraph, the 35% charge companies have to pay for withdrawing surplus cash from a defined benefit (DB) pensions scheme might be axed.
Companies get corporation tax relief on money paid into schemes for their employees, but due to legislation introduced in the eighties have to pay a premium rate to get access to that money if a fund is in surplus.
And increasingly that is the case due to the spate of recent interest rate hikes and slowing inflation, according to pension experts.
As many as a quarter of operational DB pension schemes are currently running surpluses of around £10 billion to £15 billion, according to XPS, a pension consultancy quoted in the report.
It marks a substantial reverse from years of requiring top-ups from the company concerned and reflects a rush into bonds as interest rates have risen.
Pension scheme payments can be a heavy load for even the largest of companies
Telecoms giant BT for example is juggling a deficit of £4.4 biilion in its £47 billion scheme with a hefty dividend and having to spend heavily on the roll-out a new fast-fibre broadband network.
However, withdrawals are only expected to be allowed for schemes well in surplus, it is unlikely BT would meet the criteria with its aim for its DB scheme to be self-funding by 2034.
Other options said to be on the table for the Chancellor include reducing the level of the charge of surplus money in line with corporation tax, currently 25%.