The Pensions Regulator adds the first Defined Benefit superfund to its list of assessed schemes
30 November 2021
Today (30 November 2021), The Pensions Regulator (TPR) has added the first scheme of its type to its list of assessed Defined Benefit (DB) superfunds.
To be added to this list, TPR assesses superfunds against key expectations such as governance, systems, processes and financial stability. Superfunds will then be subject to further assessment when TPR is notified of an intended transfer into it.
TPR’s Executive Director of Frontline Regulation, Nicola Parish, said this in a press release from TPR:
“We welcome the first addition to our online list of DB superfunds. The list shows where superfunds have met our expectations and is a vital tool for trustees and employers who may be considering transferring to such a scheme.
We are determined to protect savers and so potential customers of a superfund on our list can have the confidence that the scheme has been through a rigorous assessment process to show they are fit for purpose. It is vital, however, that trustees and employers still carry out their own thorough due diligence to ensure they are confident a superfund is the right option for their particular scheme and members, and only consider a superfund which is on our list. We expect employers considering a superfund to come to us for clearance.”
In October 2020, TPR released guidance for trustees and employers considering a transfer to a superfund.