This has been a week when superfunds have been in the news, mainly because David Walmsley of the Pensions Regulator gave Professional Pensions this headline

Well “superfund” means a lot of things. To Clara , it means a bridge to annuity while the original concept of an extended run-off looks what the Pensions Trust have in mind. There are others, Punter Southall being the most notable with its hook up with Carlisle, who aim to provide Capital Backed Journeys for occupational pensions wanting help to carry on.

Add to this the “swap” of sponsors using an RAA, that Stagecoach Pension and Aberdeen have  pioneered and  there appears to be a credible alternative to going it alone or buying out.

But I think we need to be a little careful with this statement

Walmsley said TPR welcomed the growth in the market. He said: “As a regulator, we want to see that market grow and the options come forward.”

There has been a pipeline of superfunds lining up to be authorised and do business for near on ten years. But so far this has resulted in four schemes for Clara and the Stagecoach deal.

There is no growth in the market yet and Edi Truell will shake his head if you ask him if he is looking to return for another go. The reality is that most of the hard work that has gone into superfunds has gone to waste because the potential providers could not find a way to make money for themselves nor the schemes to be confident.

We have a lot of legislation and regulation but it is incomplete and until it is, we will continue to have a pipeline but not much acceleration in the aims of the Pensions Regulator and the DWP.

In truth, there is a deep-running anathema to superfunds within the Treasury which runs through the PRA , the Bank of England and is the result of great work by the Association of British Insurers ever since David Cameron and George Osborne came up with the idea in 2016.

We may want in principal our DB schemes to provide capital for the British economy and we may want to see the cost of advising on, administering and governing 5,000 odd DB pensions fall. But when it comes down to it, will the advisers, trustees and all the others with interest in continuing to make a living out of pensions let consolidators take over?

Sadly, I see “pipeline” being  the word for progress on superfunds.  Until the Government (from pensions minister to regulator) accepts that change requires resilience to the ABI’s lobby, there will be but  pipeline.

Note the date of this document – none have been done!