In March, Professional Pensions reported that Pension SuperHaven was being launched by the organisation that pioneered the concept of the pension superfund.

At the time, the idea that a DC pension scheme could offer DB pensions was seen as so outlandish that a “spokesperson for the Pension Regulator told Professional Pensions and Pension Age”

“we are not in a position to confirm that this model offers sufficient saver protection at this point. We would not expect individuals with DC savings to transfer into this solution”

Edi Truell , myself and our team , vowed to turn the Pension Regulator round. We are doing just that.

Roll forward four months and a new Government launches a Pension Schemes Bill

requiring pension schemes to offer retirement products so people have a pension and not just a savings pot when they stop work

The Bill aims to do this by

“placing duties on trustees of occupational pension schemes to offer a retirement income solution or range of solutions, including default investment options, to their members”

Private individuals – whether they have been conned out of their defined benefit pension or have saved up a retirement fund through setting aside a portion of their pay, have been promised a pension not a pot. Our promise to Britain’s 20m savers with pots but no pension is simple – a pension from your defined contribution.

Pension SuperHaven Inside our great workplace pensions

We intend to help the remaining workplace pension schemes to do just this. We expect people who have been abandoned by their advisers and want back in an occupational pension scheme to choose to transfer to a pension scheme that has Pension SuperHaven inside. Most master trusts can admit savers with a pot to membership -even if they are not employed by a participating employer. Savers who become members of master trusts can transfer their pots without hindrance – albeit the arrangement of the transfer is best conducted through an IFA.

Members of the master trust can transfer from “saver to pensioner” by swapping some or all of their pot to the Pension SuperHaven arrangement inside the master trust. This will guarantee them a fixed price to convert pot to pension – we estimate on 10-15% better terms than an annuity. We do not guarantee the terms will always be better – or that much better! We do guarantee to make a like for like comparison with the best annuity rate.

So much for the theory – what about the practice?

We stand ready and are at an advanced state of negotiation with several master trusts. We look forward to speaking to other master trusts about the concept of Pension SuperHaven inside.

We cannot currently take money from the general public but we can demonstrate the fixed price we can offer if people would like us to. Please contact Henry.tapper@psf.capital for an illustrative quote and welcome pack – explaining the options the “product” will offer.

If you would like to read more – please download or just read our submission to the Labour Party’s policy team which they are happy to share now the Bill has been published