TPR launches interim regime for superfund pension market

The long-awaited move could see the first transactions completed within months despite no date having been confirmed for a permanent regulatory regime. TPR's interim framework sets out expectations for superfunds to prove they are well-governed, run by "fit and proper people" and backed by adequate levels of capital. With no employer covenant under the superfund model, TPR said capital adequacy is among the most important areas of its interim regime, with superfunds required to hold sufficient assets to meet the promises to savers with "a high degree of certainty". TPR added that t...