TPR’s interim regime for DB superfunds
TPR’s interim regime for DB superfunds

The following Pensions practice note provides comprehensive and up to date legal information covering:

  • TPR’s interim regime for DB superfunds
  • Scope and purpose of the interim regime
  • Key elements of the interim regime
  • TPR’s initial assessment of superfunds
  • Ongoing supervision
  • Fit and proper persons requirements
  • Governance requirements
  • Systems and processes requirements
  • Financial sustainability and capital adequacy
  • Superfund corporate financial sustainability
  • More...

TPR’s interim regime for DB superfunds

This Practice Note describes the interim regime applicable to defined benefit (DB) superfunds, as developed by the Pensions Regulator (TPR) while the Department for Work of Pensions (DWP) works on introducing a permanent regime.

For information on the meaning of DB superfund and the various DB consolidation models, see Practice Note: Defined benefit (DB) consolidation—what are DB superfunds?

For information on the considerations applicable to trustees and employers on a contemplated transfer to a DB superfund, see Practice Note: Transfer to a DB superfund—trustee and employer considerations.

Scope and purpose of the interim regime

In order to provide employers and trustees with more choice during the coronavirus crisis while protecting the interests of savers and the PPF, on 18 June 2020 TPR launched an interim regime for the regulation DB superfunds. This interim regime (which is said to be neither exhaustive nor prescriptive) is intended to fill the gap while the DWP develops a permanent regime before legislating on DB superfunds. It sets out the standards TPR expects superfunds to meet in the period before longer-term legislation is in place. This interim regime gives TPR a much firmer basis to take action against a superfund should it deem it a necessary and proportionate step.

TPR ‘s interim regime is set out in the following documents:

  1. its response to the DWP’s consultation on proposals for

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