Pension SuperHaven, a new option for turning funds into pensions, is expected to launch soon, with First Actuarial hired to manage its administration.
The scheme will manage bulk transfers from cash balance plans and allow major employer-sponsored schemes to offer “guaranteed pensions for life with shared upsides” as the default option. It will also be available to individual savers transferring to master trusts.
Pension SuperHaven, funded by Pension SuperFund Capital, aims to support the 700,000 savers moving into retirement every year who don’t have clear pension options.
Edi Truell, managing partner of Pension SuperFund Capital, is a pensions and private markets expert with 29 years of experience and £8 billion in pension risk transfer deals. He also founded Duke Street Capital.
Truell says: “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.”
Pi Partnership and chair of Pension SuperHaven’s Trustee Board Sam Ashraf says: “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.”
First Actuarial partner Mark Rowlinson says: “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.”