To be frank, this is a disappointing timeline for Superfunds that will mean that the DWP regulations and TPR code will not come into force till well over ten years that superfunds were announced by  the then Pensions Minister Guy Opperman.

It has been back shelved for most of the time and at this time the only superfund that operates is Clara’s and that only a bridge to buy-out.

It is good to see one genuine Capital Backed Journey Plan in the last quarter (James Neil , the deal originated by Safe Covenant and backed by Portunes Pension Capital).

But that is only one deal for CBJP and the deal flow for Clara is very slow. The sad truth is that without proper regulations or a TPR Code, it is unlikely that superfunds will be a force. I wish TPT well but there is too little detail of how money can come back from the superfunds to their backers for the certainty is in place.

This is one of the most shameful episodes for the DWP and TPR of recent years and the result of it is that many smaller DB schemes are now bought out when a better deal could have been done invested in a superfund.

Hopefully we will see a quicker job for the light blue coloured surplus. Legislation and regulations is due to be completed by April of next year which , relatively is lightning fast.

There is a lot in this timeline for the PPF relating to the two levies for administration and more generally the levy on the industry (which we hope will be no more). The story of the PPF is a good one and shows just what the public sector can do to administrate a large DB scheme. Those who are looking into the catastrophy with the Civil Service Pension Scheme (and Capita) could do worse than speak with those who operate the Pension Protection Fund.

There are still things to do and should have been in this timeline. There is work that should be done to bring proper justice to those who are still alive and being short-changed with pension increases since 1997. I hope that their sensible campaigning will find support from a Pensions Minister who promised help in his first big speech to the Pensions UK.

I hope too that there will be in time an opportunity for DB schemes that are sufficiently in surplus to consider future pensions and not just to improve things for those who are existing beneficiaries. There should be a cross fertilisation between pension schemes and DB schemes so that all employees of a company can get a pension.

The DB timeline is a little pedestrian and disappointing for small DB schemes looking to superfunds for an alternative to buy-out. It is encouraging for DB schemes in surplus and it helps the PPF to move forward, it’s 7 out of ten