Superfunds top the shortlist of endgame options being considered by DB trustees

• Superfunds have moved to the top of the endgame shortlist among DB trustees surveyed, with 57% currently considering consolidation into a superfund as an endgame option for their scheme. 

• Superfunds were ranked as the most commonly considered endgame option in the survey, ahead of capital-backed journey plans, buyout, DB master trust consolidation and run-on.

• Trustees surveyed expect the superfund market to gather pace, with 95% believing transactions will become more common over the next two years.

The findings, from the latest TPT Retirement Solutions: DB Trustee Pulse Survey 2026*, show that when trustees were asked which endgame options they are currently considering, superfunds emerged as the most commonly selected option, ahead of capital-backed journey plans, considered by 50% of DB trustees, buyout at 43%, consolidation into a DB master trust or multi-trust at 41%, and run-on at 28%.

While consideration does not necessarily translate into future transactions, the findings suggest superfunds are becoming a more established part of the range of endgame options being evaluated by trustees.

The findings represent an increase from TPT’s 2024 research, when just 40% of the trustees polled reported that they were considering a superfund transaction, suggesting that superfunds have gained traction as an endgame option over the past two years.

Consideration appears particularly pronounced among larger schemes. Almost two-thirds (63%) of trustees overseeing schemes with more than £1bn in assets under management (AUM) say they are currently considering a superfund transaction, compared with 49% of trustees overseeing schemes with less than £1bn in AUM.

The research also points to differences in how schemes of different sizes are approaching other solutions, notably run-on. For instance, over a third (37%) of trustees overseeing schemes with less than £1bn in AUM, reported that they were considering run-on as an endgame option, compared with 21% of trustees overseeing schemes with more than £1bn in AUM.

The survey identified scheme funding readiness as the most commonly cited barrier to wider superfund adoption (30%), followed by understanding of downside protections (26%), regulatory certainty and adviser confidence (both 25%). While no single factor dominates, the prominence of funding readiness  suggests that schemes may wish to assess superfunds earlier in their endgame journey.

Superfund market to continue gathering pace

Looking ahead, the trustees polled appear positive about the direction of the superfund market, with 95% expecting transactions to become more common over the next two years and 93% reporting their own scheme would be likely to seriously consider a superfund as an endgame option.

The findings point to superfunds becoming a more commonly considered part of endgame planning, although their suitability will continue to depend on the individual circumstances of each scheme.

Steve Collins, Head of Superfund at TPT Retirement Solutions 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.”

Notes to Editors

TPT Retirement Solutions (TPT) is one of the UK’s leading providers of workplace pensions with 80 years’ experience of managing defined benefit and defined contribution pension schemes. It has £11.4 billion of assets under management (as at 30 September 2025) and more than 490,000 members.

TPT’s mission is to make pension schemes perform better for everyone, from the sponsoring employers and trustees to the members who are saving for the future. It is an innovative, forward-thinking organisation, investing in technology to improve the services they provide. TPT is ultimately owned by a pension fund, providing genuine alignment of interests with those of its clients and scheme members.

Our ownership

TPT Retirement Solutions Limited is wholly owned by Verity Trustees Limited in its capacity as trustee of The Pensions Trust.

TPT Investment Management Limited is a wholly owned subsidiary of TPT Retirement Solutions Limited.

Group Services & Regulation

Verity Trustees Limited is the corporate trustee of The Pensions Trust and The Pensions Trust 2016. It is a company limited by guarantee and is regulated by The Pensions Regulator. Registered in England and Wales under company number 00744017. Registered office: 5th Floor 3 South Brook Street, Leeds, England, LS10 1FT.

TPT Retirement Solutions Limited provides pension management and administration services to UK pension schemes. Registered in England and Wales under company number 09639961. Registered office: 5th Floor 3 South Brook Street, Leeds, England, LS10 1FT.

TPT Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FCA) and provides investment management and consultancy services to UK pension schemes. Registered in England and Wales under company number 14527587. Registered office: 5th Floor 3 South Brook Street, Leeds, England, LS10 1FT.

*Findings are based on an independent survey of 100 UK defined benefit pension trustees representing schemes with assets ranging in size from £100m to over £10bn, conducted on behalf of TPT Retirement Solutions. Results reflect respondents’ views at the time of the survey.