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DB superfunds list and assessment

Current list of defined benefit (DB) superfunds and details of the assessment process.

Published: 30 November 2021

Updated: 10 August 2023

List of assessed DB superfunds

The following pension schemes have been assessed:

Assessment process

The superfunds on the list above:

  1. have been assessed against our key expectations in the following areas of our superfunds guidance (above)
    • People
    • Governance
    • Systems and processes
    • Financial sustainability, which includes mechanisms and processes in respect of business plans, costs, assets and liquidity plan, capital adequacy (ie assets against liabilities), investment governance and risk management (see note 1)
  2. met the key expectations in the guidance at the date of assessment in respect of the areas listed above
  3. are now in TPR relationship supervision (see note 2)
  4. are schemes in respect of which we would consider clearance applications

Superfunds will be subject to an onboarding assessment when we are notified of an intended transfer into it. The focus of the further assessment is on:

  • aspects of financial sustainability not assessed under point a
  • capital adequacy (ie assets against liabilities) (see note 1)
  • the changes or development of a superfund’s systems and processes which have taken place since the assessment
  • material changes to the superfund since the original assessment

Where we have concerns about a superfund during ongoing supervision or following the onboarding assessment, it may be removed from the list.

Read our superfunds guidance for trustees and employers for full details of the assessment areas and process.

Due diligence for trustees

If the superfund you are considering is included on the list above, it is vital that you still carry out your own thorough due diligence to:

  • fulfil your own duties as trustees
  • satisfy yourselves that any particular superfund is the right choice for your scheme

You should check with a superfund, as part of your own due diligence:

  • the summary outcome of our assessment (we provide this to the superfund for them to share)
  • whether any material changes have taken place since the date of assessment

We would emphasise that inclusion on this list does not give any guarantee that a transfer to any particular superfund will be given clearance.

Where a superfund is added to the website list, but at any stage subsequently.

  • does not meet one or more of the key expectations set out in our superfunds guidance
  • we decide we will not consider applications for clearance in respect of a transfer to that superfund

the superfund may, following consideration, be removed from the website list.

You should recheck this website at regular intervals to ensure you have the most up-to-date information.

Note 1: We are only able to check that the capital adequacy expectations set out in our guidance (ie technical provisions, capital buffer and level of assets) are being met in practice as part of an assessment – for example, when a specific transfer is proposed.

Note 2: Relationship supervision involves the superfund engaging with us on a regular basis. This will include the superfund providing information to us in relation to the expectations set out in the guidance. If we have concerns with any aspect of a superfund, we will work closely with it, with the aim of resolving those issues. In some circumstances, we may ultimately consider using our statutory powers.