UK Launches New Rules For Pension Superfund Market
Law360, London (June 18, 2020, 1:02 AM BST) -- Britain's pensions watchdog set out new rules on Thursday that defined benefit pension "superfunds" must satisfy, as it seeks to protect savers before government legislation on the schemes comes into force.
The Pension Regulator said that so-called superfunds must prove that they are being well-governed, run by "fit and proper" managers and hold sufficient cash under an interim regime.
The schemes work by consolidating defined benefit plans, which many employers are ditching because they are expensive to run. Superfunds are likely to help cut costs, but critics say the huge structures could put savers at risk if they hit hard times....
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