Law360, London (June 18, 2020, 2:53 PM BST) -- New rules regulating defined benefit "superfunds" set out by Britain's pensions watchdog are a light touch compared with what the market needs and could mean investors being "sold down the river," the Association of British Insurers warned on Thursday.
The industry body said that interim rules announced by The Pensions Regulator on Thursday to oversee so-called superfunds do not go far enough to protect retirement savers.
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 savers could be put at risk...
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