![]() |
XPS Pensions Group has responded to the Government’s consultation on superfunds (consolidators of defined benefit pension schemes). XPS support regulating to allow superfunds to be established because they could increase stability and efficiencies in the pension market. XPS also strongly agree that superfunds will require robust supervision and regulation of their financial stability. |
However, two fundamental changes are needed to the proposals to allow superfunds to be effective and address industry concerns that they may risk poorer member outcomes and compete unfairly with insurers. These are:
• setting strict conditions on when superfunds can extract profits – ideally only when members’ benefits are secured with an insurer; and Wayne Segers, Principal at XPS Pensions Group, said: “Superfund investors should only be allowed to take out money when members’ benefits are settled, ideally by transferring to an insurer. This is important to prevent superfunds becoming a systemic risk. It also addresses valid market concerns about unfair competition with insurers. “A recent poll of over 150 delegates representing pension schemes at XPS’s first Northern conference showed that 65% did not think superfunds would improve outcomes for members. Our proposals would go some way to addressing these concerns.” Along with strong regulations on financial stability, tighter controls on profits should remove the need for restrictive gateway conditions. Rather, any gateway conditions should put trust in the DB pension scheme trustees, to decide the right approach for their members with appropriate guidance from the regulator.
|
|
|
|
BPA Implementation Manager | ||
North / hybrid working 50/50 - Negotiable |
Head of Reserving | ||
City of London - £150,000 Per Annum |
PRT or BPA Specialist | ||
Nationwide offices / hybrid working - Negotiable |
Retirement Consultant | ||
UK-wide / hybrid 2 dpw office-based - Negotiable |
GI Associate Actuarial Director | ||
London / hybrid 2-3 dpw office-based - Negotiable |
GI Actuarial Senior Manager | ||
London / hybrid 2-3 dpw office-based - Negotiable |
Actuarial Manager - GI/Risk | ||
London / hybrid 2-3 dpw office-based - Negotiable |
Insurance Risk Manager | ||
London / hybrid 2-3 dpw office-based - Negotiable |
Financial Risk Leader - ALM Oversight | ||
Flex / hybrid - Negotiable |
Financial Risk Leader | ||
Flex / hybrid - Negotiable |
Take the lead on actuarial financial ... | ||
Flex / hybrid - Negotiable |
With-Profits and Investment Risk Expert | ||
Flex / hybrid - Negotiable |
Reinsurance Actuary | ||
London/Hybrid - Negotiable |
CONTRACT (12 months): Underwriter | ||
Fully remote - Negotiable |
CONTRACT (12 months): Senior Underwriter | ||
Fully remote - Negotiable |
MI Manager | ||
UK South West / hybrid 2 days in the office - Negotiable |
Senior MI Analyst | ||
UK South West / hybrid 2 days in the office - Negotiable |
LONDON MARKET CONTRACT: Capital Model... | ||
London/hybrid 2-3dpw office-based - Negotiable |
Senior M&A Actuary | ||
London / hybrid 3 dpw office-based - Negotiable |
Market-leading Pricing | ||
South East or Scotland / hybrid 2 dpw in the office - Negotiable |
Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.