More than half (57 per cent) of defined benefit (DB) pension trustees have considered consolidation into a superfund, making it the endgame option most frequently explored among those surveyed by TPT Retirement Solutions.

The findings, from the DB Trustee Pulse Survey 2026, showed that 50 per cent were considering capital-backed journey plans, while 43 per cent were looking at buyout, 41 per cent DB master trust or multi-trust consolidation, and 28 per cent were considering run-on.

The survey also showed an increase in superfund interest since 2024, when 40 per cent of trustees surveyed said they were considering a superfund transaction, suggesting superfunds had become a more widely considered endgame option over the past two years.

Consideration of superfunds was higher among larger schemes, with 63 per cent of trustees overseeing schemes with more than £1bn in assets under management (AUM) considering a superfund transaction, compared with 49 per cent of those responsible for schemes with less than £1bn in AUM.

The survey highlighted differences in endgame planning between larger and smaller schemes, with more than a third (37 per cent) of trustees overseeing schemes with less than £1bn in AUM considering run-on, compared with 21 per cent of those overseeing schemes with more than £1bn in AUM.

Scheme funding readiness was the most frequently cited barrier to wider superfund adoption, selected by 30 per cent of respondents, ahead of understanding of downside protections at 26 per cent, and regulatory certainty and adviser confidence, both at 25 per cent.

Looking ahead, 95 per cent of trustees surveyed expected superfund transactions to become more common over the next two years, while 93 per cent said their own scheme would be likely to seriously consider a superfund as an endgame option.

Commenting on the findings, TPT Retirement Solutions head of superfund, Steve Collins, said that while consideration should not be taken as an indication of future transaction volumes, the findings show that “superfunds are no longer a niche consideration”.

He added: “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.”

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