Pension SuperHaven is launching as an occupational pension scheme, which manages bulk transfers from cash balance plans. The intention is to also enable large sole-employer sponsored schemes to offer Pension SuperHaven ‘guaranteed pensions for life, with shared upsides’ to their members, as the default means to turn pots into pensions.
What is more, the Pension SuperHaven pension will also be available for individual savers transferring to master trusts where PSH is “inside”.
In July, the new Labour Government announced that it was intending to mandate a “pot to pension” facility for DC schemes as a choice or by default.
Sam Ashraf of Pi Partnership and Chair of Pension SuperHaven’s Trustee Board, commented: “First Actuarial impressed us with their extensive suite of administration services and member-centric approach. They immediately understood the importance and fundamental need for this initiative in the market. Additionally, they are dedicating technical resources and technology to support members, ensuring smooth collaboration with our existing partners.”
Edi Truell is the Founder of Pension SuperFund Capital, which provides the financial backing for the guarantees required within PSH. Edi remains confident that PSH is on track to make a significant difference to the 700,000 savers who each year reach retirement age with no obvious optionality to get a pension.
Truell added: “We are delighted to see the Pension SuperHaven Trustee decide to partner with First Actuarial. I am pleased that they have won through in what was a well-managed and thorough selection process.”
Mark Rowlinson, Partner at First Actuarial, concluded: “We are thrilled with this appointment and now look forward to providing Pension SuperHaven with a first-class member experience for its savers, who can exchange their pots for the security of a lifetime pension. It’s great to see some genuine innovation in the market. By using productive assets and sharing returns with members, Pension SuperHaven aims to provide better outcomes for members. This aligns with our own ambitions and fits well with recent pension policy announcements such as the Mansion House reforms.”
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