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"The interim regime has mandated that no profit should be taken within the first three years, unless the scheme is in a position to secure members’ benefits with an insurance company."

That raises an interesting point: is it likely that a consolidator would actually decide to pursue a "buy out" with an insurer? In other words, if trustees decide to go down the consolidation route, does that effectively preclude an eventual "buy out"?

I'm assuming that the "best" outcome for members is a "buy out", since an insurer is hopefully the best capitalised and regulated entity to stand behind the promise to pay pensions. So perhaps it would be inappropriate for trustees to do something that precluded the possibility of a "buy out"?