Commons Sense

House of Commons · Written Ministerial Statement

Pensions: Interim Guidance for “Superfunds”

18 June 2020 · Department for Work and Pensions

Proposed by Guy Opperman Con Hexham

Benefits & Welfare

Summarised by AI from the official record, so it can contain mistakes.

View on Parliament.uk

At a glance

Key points

  • Interim regulatory regime for Defined Benefit Pension "superfunds" published by The Pensions Regulator
  • Government plans to develop a permanent regime based on experience and consultation responses
  • Guidance is available online for public access

Issue summary

This statement addresses the publication of an interim regulatory regime for Defined Benefit Pension 'superfunds' by The Pensions Regulator.

Action requested

The government will continue to develop a permanent regime, informed by experience during the interim period and responses to the consultation, ensuring protection for pension scheme members and the Pension Protection Fund. The guidance is now available online for access.

Key facts

  • A superfund is a privately funded consolidation vehicle taking over pension liabilities from sponsoring employers.
  • Employers must pay an upfront sum to improve funding levels before entering a superfunds.
  • This interim regime will be reviewed by the government and may be adjusted if necessary.
  • The guidance can be accessed at https://www.thepensionsregulator.gov.uk/en/document-library/regulatory-guidance/db-superfunds.
▸ Assessment & feedback
Summary accuracy