Claire van Rees comments on TPR’s new guidance for trustees and employers considering a DB superfund
Claire van Rees, partner, has commented on the new guidance for trustees and employers considering a superfund, which has been published by TPR.
Claire said, “TPR’s superfund guidance for prospective ceding trustees and employers fills in a lot of gaps about the considerations and work required before transferring to a superfund. In particular, there is helpful detail on the key principles to consider, and how far TPR expects trustees to go in conducting due diligence. It is clear that moving to a superfund will be a complex decision requiring robust supporting advice and TPR has even suggested that trustee boards consider appointing an independent trustee for additional expertise.
While the expectation is that superfunds will only be appropriate for a limited range of schemes, they can be a useful option for those schemes. This guidance should help considerably in giving trustees and employers more confidence and clarity about the process they need to follow in considering a superfund.”
TPR’s guidance can be read here.