1M Pension Savers Could Move To Superfunds In 10 Years
Law360, London (October 16, 2020, 5:04 PM BST) -- An estimated one million long-term savers could have their money transferred to a pension superfund in the next decade, according to analysis by PricewaterhouseCoopers.
The professional services company said on Friday that 600 of the U.K.'s roughly 5,400 defined benefit schemes will likely be transferred to superfunds over the next 10 years.
Superfunds are new vehicles for consolidating smaller defined benefit occupational pension schemes. They are currently regulated by interim rules from The Pensions Regulator, pending formal legislation from the Department for Work and Pensions.
PwC said within 10 years, superfunds will control £170 billion ($219.6 billion) in assets, representing around...
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