The Pension Superfund announces HMRC registration in 'major step' towards first deal

The Pension Superfund (PSF) has today (30 June) announced its official registration as an occupational pension scheme by HMRC.

The scheme described the move as a “major step” towards completing its first transaction, stating that the registration had brought the superfund "into being".

The PSF's independent board of trustees chair, Richard Wohanka, also emphasised that the registration will allow PSF trustees to engage with other schemes trustees and explore consolidator options.

The move follows the publication of an interim regulatory regime for pension superfunds by The Pensions Regulator (TPR), which was broadly welcomed by industry experts, and allowed the PSF to begin taking further steps towards transactions.

The PSF chairman, Chris Hitchen, stated that next steps following this registration will be securing a satisfactory assessment of the PSF model from TPR, which will in turn allow the firm to submit its first deals for clearance.

He added: "In many circumstances, we see great value in replacing the sponsor covenant which is, in effect, a single stock, with a fully diversified and hedged portfolio of investments.

“Post-Covid, many pension fund members should rightly feel more secure in a superfund and we want to offer them that security, plus the ability to enhance their benefits from our future bonuses, as soon as we can."

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