On the go: The Pension SuperFund has announced its second deal, having submitted its first transaction to the Pensions Regulator for clearance earlier this year.
In a statement, Luke Webster, the commercial consolidation vehicle’s chief executive officer, said: “The Pension SuperFund is pleased to announce that we have signed the exclusivity agreement on our second deal.”
The name of the company involved has not been disclosed.
He said that, having submitted its first transaction for clearance, “it is excellent to see the faith... trustees increasingly have in our particular model of defined benefit pension consolidation”.
Mr Webster added: “The £300m deal will be a very fitting first addition to the SuperFund, and represents a very significant increase in funding for the members concerned.”
The Department for Work and Pensions launched a consultation in December last year that sought views on a new legislative framework for authorising and regulating defined benefit super funds. The consultation closed in February.
In April, Adam Saron, CEO of the Pension SuperFund's competitor Clara Pensions, said he expected Clara to complete its first transaction within the first half of 2019.
