No, typically what happened is during the low interest rate era of 2007-2020 companies pumped money in to their pensions schemes to try to meet their future employee liabilities (most of which are still way out in the future)
Now that rates have risen across the yield curve the cost of locking in coverage for those liabilities (typically with long duration government bonds) has reduced, leading to a surplus in the pot.
Selling the scheme to the insurance industry while it's in surplus lets them claw some money back and get it off their books forever
They seem late to the party though as rates are coming down. 2023-4 would have been when the iron was hot.
Now that rates have risen across the yield curve the cost of locking in coverage for those liabilities (typically with long duration government bonds) has reduced, leading to a surplus in the pot.
Selling the scheme to the insurance industry while it's in surplus lets them claw some money back and get it off their books forever
They seem late to the party though as rates are coming down. 2023-4 would have been when the iron was hot.