Pensions and insurance specialist Clive Cowdery has secured $2bn in commitments from investors for a new fund to assist companies that are unable to cover long-term payouts and pensions, it has been revealed.

According to Reuters, the fund will look to buy life insurance policies from firms struggling to build enough funds to cover payouts.

Cowdery’s fund is one of a number of proposals targeting the difficulty company pension schemes and life insurers are facing in generating returns necessary for their members, Reuters said.

Cowdery declined to comment about his plans.

Moreover, Reuters also referred to pension veteran Edi Truell and Clara Pensions’ plan to undertake defined benefit schemes from British companies and new European Insurance Consolidation Group’s search for life insurance deals.

These firms aim to oversee pensions and life policies through using economies of scale among other specialised investment strategies.

Also looking to offer an “affordable solution” for employers to fulfil pension promises, the newly proposed Pension Superfund will consolidate the pension assets and liabilities of UK defined benefit schemes.

This type of scheme has been created with the aim of providing a more affordable solution to the challenge of funding defined benefit pensions and has secured an initial capital of £500m, subject to transaction approvals, it has been revealed.

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