LNB News 09/06/2025
Document Information
Issue Date: 09 June 2025
Published Date: 09 June 2025
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
The Government Actuary’s Department (GAD) has used actuarial modelling to support the Department for Work and Pensions (DWP) in assessing options for regulating defined benefit superfunds to support the DWP’s response to ‘Consolidation of defined benefit schemes’. GAD modelled an example superfund as at 31 December 2022 to evaluate technical provision discount rates, profit triggers and investment strategies. The results indicated that a technical provision discount rate of gilts plus 0.75% and a profit trigger at 150% of the capital requirement for authorisation would most closely align with government’s superfund policy objectives at the effective date of the calculations. Under the modelling assumptions GAD found that this provided a balance between superfund commercial viability and reasonable cost of entry against a controlled risk to members’ benefits from superfund failure. The DWP used this analysis to inform its consultation response and develop an appropriate regulatory regime.
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