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TPT Retirement Solutions (TPT), one of the UK’s leading workplace pensions providers, has announced its intention to launch a new Defined Benefit (DB) superfund designed to support run-on.
Both The Pensions Regulator (TPR) and the Department for Work and Pensions (DWP) have expressed their support for superfunds, which offer schemes an alternative endgame solution. Superfunds are designed to take on the obligation of meeting the liabilities of corporate DB pension schemes from their original sponsors. They are particularly suitable for schemes that don’t have large surplus funding positions and cannot afford alternatives such as a full buy out with an insurer.
Currently, there is only one superfund that has been assessed by TPR in the UK market, and it targets buyout as its end goal. TPT’s superfund proposition, designed to run-on, will broaden the range of endgame solutions available to employers and trustees. TPT has secured capital to fund the first £1bn of transactions, which it anticipates will be sufficient to support a number of deals subject to scale, regulatory approval and market conditions.
Addressing gaps in the DB market
Pension superfunds present a huge opportunity for choice in the broader consolidation market. With many schemes experiencing improved funding levels over recent years, superfunds represent a viable route for those schemes that still fall short of full funding on a buy-out basis. Currently, 4 in 5 UK DB schemes are in surplus with an aggregate funding level of 120% on a technical provisions basis. Superfunds that run-on are well placed to invest in growth assets, supporting the Government’s ambitions for the UK economy.
TPT has developed its new superfund with members’ interests at the core. Its focus will be … Read More
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