Matt Cooper, Head of Pension Risk Transfer at PwC UK, said:
“The updated guidance and changes proposed by The Pensions Regulator will be welcomed by the industry, particularly by superfund providers who can act on the new developments to enhance their propositions.
“One of the TPR’s key objectives remains the protection of members’ benefits, but these changes clearly demonstrate that they are also committed to embracing innovation. For example, enabling capital release earlier may improve existing and new provider pricing while continuing to provide enhanced member security - creating conditions where protection remains paramount but with increased flexibility.
“The extent to which these new flexibilities are commercially viable in practice will need to be tested as the market digests the updated guidance. More providers in the superfund and capital backed arrangement space will give trustees and sponsors a greater range of options to compare and decide on the right solution for their situation. We see this as a positive development, albeit one which requires careful consideration from decision makers.”
ENDS
PwC media contacts:
Hannah Brook
hannah.brook@pwc.com
07483 421730
Kevin Scott
kevin.y.scott@pwc.com
07561 789014
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