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This potentially significant up-front investment would allow the employer to discharge their legacy liabilities, and concentrate on their core business, while being reassured that the members of their pension scheme are likely to be better protected in the long term. Both stand to benefit from a well regulated regime.In addition, the ability of superfunds to deploy significant capital in the investment markets is also likely to be of benefit to the wider economy as trustees will look to have a well-diversified portfolio which might include investment in later-stage venture capital, or growth-capital for small-medium enterprises.It is envisaged that Northern Ireland will make corresponding regulations.The consultation period begins on 7 December 2018 and runs until 1 February 2019. Where consultation is linked to a statutory instrument responses should be published before or at the same time as the instrument is laid.We would particularly welcome views on whether our proposals offer sufficient protections for members, including views on our proposals around the financial sustainability and governance arrangements of superfunds discussed in Chapter 3, and the introduction of a regulatory gateway for schemes looking to enter a superfund, discussed in Chapter 5.This consultation applies to England, Wales and Scotland.© Crown copyright 2018 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated.To view this licence, visit uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected]
We envisage that a scheme within a superfund will continue to be classed as an occupational pension scheme, with the employer covenant replaced by a capital buffer provided by investors as well as potentially the ceding employers, and will be subject to the legislation and regulation appropriate to occupational pension schemes. Superfunds have some similarities to insurance, given that the traditional employer link is broken, and the protection for members’ benefits in the long term is provided by a capital buffer.Trustees will also be required to notify are properly protected and a sensible and sustainable balance is struck between the interests of members, the sponsoring employer, and the superfund investors. This consultation seeks views on an appropriate legislative framework for the authorisation and regulation of superfunds looking to enter the market. Many of our proposals would require primary legislation and we will seek to legislate in due course when parliamentary time allows.In the meantime, we would expect any superfund considering entering the market to engage with Taskforce published a number of reports between March 2016 and September 2017 which included their view of the required regulatory regime and the potential benefits that could be gained from superfund consolidation. We consider that the current legislative framework does not prevent a superfund setting up and attempting to attract other funds to consolidate.While the outlook for the vast majority of schemes is positive, in that members can expect to receive the pensions they have been promised, there are some schemes where the outlook is much more uncertain.In some cases, a closed pension scheme can be a significant burden for the sponsoring employer, limiting their ability to focus on their core business, including investment for the future and the pay and pensions of current employees.