Superfunds Now the Most Considered DB Endgame Options, TPT Survey of Trustees Finds

LEEDS, U.K. - EntSun -- Superfunds have become the defined benefit (DB) endgame route that pension trustees are most likely to be weighing up, according to a new poll of 100 UK trustees commissioned by TPT Retirement Solutions.

Just over half of respondents (57%) said consolidating into a superfund is on their agenda, up from 40% when TPT asked the same question in 2024. Capital-backed journey plans came next at 50%, followed by buyout (43%), DB master trust or multi-trust consolidation (41%) and run-on (28%).

Scheme size makes a difference. Among trustees of schemes holding more than £1bn, 63% are looking at superfunds, versus 49% for smaller schemes. Those smaller schemes lean further towards running on, with 37% considering it against 21% of their larger counterparts.

Asked what stands in the way, trustees pointed first to whether their scheme is sufficiently well funded (30%). Questions over how downside protections work followed (26%), while uncertainty about regulation and confidence in advisers each drew 25%.

Sentiment about the future is strongly positive. 95% anticipate more superfund deals within two years, and 93% believe their own scheme would seriously consider one.

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Steve Collins, Head of Superfund at TPT, said, "Although consideration should not be taken as an indication of future transaction volumes, it does show that superfunds are no longer a niche consideration. They are firmly part of mainstream endgame discussions and being evaluated alongside previously established options. That shift reflects the strength of innovation in the UK pensions market and the greater choice now available to schemes.

For trustees, the challenge now is ensuring that evaluation takes place early enough to understand where superfunds may fit within their endgame strategy, thereby preserving flexibility as key strategic decisions are made."

Further information can be found at https://www.tpt.co.uk/news-insights/superfunds-top-the-shortlist-of-endgame-options-being-considered-by-db-trustees/

About the research
An independent survey of 100 UK DB trustees, covering schemes from £100m to over £10bn, carried out on behalf of TPT.

About TPT Retirement Solutions
TPT is a UK workplace pensions provider with eight decades of experience running DB and DC schemes. It looks after £11.4 billion in assets (as at 30 September 2025) on behalf of more than 490,000 members, and is ultimately owned by a pension fund.