Think you know consolidation – think again

The pension industry was surprised that the pensions bill delivered as part of the Queen’s Speech on 14 October had no mention of the defined benefit superfunds, the vehicles that look to transfer covenant and therefore discharge trustees and corporates of their obligations.

While this is a form of consolidation, recent commentary and coverage has tended to focus on these superfunds as the main way to consolidate. We thought we’d use the opportunity the pause has given us to step back, and question whether too much of the focus has been at the wrong end of the consolidation spectrum.

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