The first new defined benefit consolidation vehicle (DB superfund) to meet The Pensions Regulator’s (TPR) tough governance and administration standards to protect savers has been added to a new online list.
The list includes any superfund that has been assessed by TPR and has demonstrated, through robust evidence, that it meets several criteria, including good governance, being run by fit and proper people, and that it is backed by adequate capital.
TPR executive director of frontline regulation Nicola Parish says: “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 June 2020, TPR launched its interim regime for superfunds and other new models, ahead of proposed government legislation. TPR then published guidance for trustees and employers considering a transfer to a superfund in October 2020. Superfunds can request that TPR evaluate them, and if they meet TPR’s standards, they will be added to TPR’s list.
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