Pension Superfund strikes second deal

A pioneer that plans to consolidate unwanted pension schemes has signed a second deal as it closes in on the regulatory approval needed to launch.

The Pension Superfund, brainchild of the City financier Edi Truell, has agreed terms with an unnamed company to take £300 million of closed defined-benefit scheme liabilities on to its books.

The superfund was set up last year to consolidate small and medium schemes to harness economies of scale and provide a cheaper alternative to pension insurance for firms that want to offload their legacy arrangements.

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