I can see why so many press releases get written, they create a sense of order and normality for the people who write them and for me, to be working with old friends at First Actuarial as we press on with our pension innovation provides reassurance as well as excitement. First Actuarial offer a technology partner and a link into the world of pensions which is what Pension SuperHaven will be about.

We have other partners who we will be formally announcing in the next few weeks and as the launch of the Pension SuperHaven and PSH inside services draw closer, I am getting increasingly aware of just how important this new choice at retirement will be to those with pot but insufficient pension.

Here is the news, that I hope is as good for you to read, as it is for me.

Pension SuperHaven (“PSH”), Edi Truell’s innovative solution to support individuals in turning “pots into pensions”, as well as addressing associated scheme problems, today took a step closer to its formal launch with a market update that First Actuarial have been appointed to provide administration services to Pension SuperHaven.

Pension SuperHaven is launching as an occupational pension scheme, which manages bulk transfers from cash balance plans. The intention is to also enable large sole-employer sponsored schemes to offer Pension SuperHaven ‘guaranteed pensions for life, with shared upsides’ to their members, as the default means to turn pots into pensions. What is more, the PSH pension  will also be available to individual savers transferring to master trusts  where  Pension SuperHaven is “inside”.

In July, the new Labour Government announced that it was intending to mandate a “pot to pension” facility for DC schemes as a choice or by default.

Sam Ashraf of Pi Partnership and Chair of Pension SuperHaven’s Trustee Board, commented:

“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.”

Edi Truell is the Founder of Pension SuperFund Capital, which provides the financial backing for the guarantees required within PSH. Edi remains confident that PSH is on track to make a significant difference to the 700,000 savers who each year reach retirement age with no obvious optionality to get a pension.

Truell added:
“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.”

Mark Rowlinson, Partner at First Actuarial, concluded:

“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.”

For more information, please visit: www.pensionsuperhaven.com.or call Henry Tapper on 07785 377768