TPR shares insights from its experiences with initial DB scheme transfers to Clara superfund
The Pensions Regulator (TPR) has published a blog post by its director of trusteeship, administration, and DB supervision, David Walmsley, offering insights on TPR’s experience of the first three transfers of DB pension schemes to the Clara superfund, namely the Sears Retail Benefit Scheme, the Debenhams scheme, and the Wates scheme. TPR has found that the persistent theme arising from the first three transactions is uncertainty from, or misconceptions by, trustees and employers about what TPR requires from them despite the existing guidance available to them. In the blog, TPR provides its insight on the essential requirements and considerations involved in the buy-out cost estimation, due diligence, rationale for transferring, the evaluation of full benefits post-transfer, and the structuring of bulk transfer terms.