Pension SuperHaven (PSH) has appointed First Actuarial to provide administrative services, in what it has highlighted as a “step closer” towards the scheme's formal launch.

Launched by the co-founders of The Pension SuperFund earlier this year, PSH is an occupational pension scheme, which manages bulk transfers from cash balance plans.

The scheme is designed to enable large sole-employer sponsored schemes to offer PSH ‘guaranteed pensions for life, with shared upsides’ to their members, as the default means to turn pots into pensions.

PSH pension is also set to be made available to individual savers transferring to master trusts where PSH is “inside”.

The appointment of First Actuarial was highlighted as a "step closer to its formal launch", with founder of Pension SuperFund Capital, which provides the financial backing for the guarantees required within PSH, Edi Truell, stating that he "remains confident" that PSH is on track to make a significant difference to the 700,000 savers that reach retirement age each year with no obvious optionality to get a pension.

Commenting on the appointment, PSH trustee board chair, Sam Ashraf, said: “First Actuarial impressed us with their extensive suite of administration services and member-centric approach.

"They immediately understood the importance and fundamental need for this initiative in the market. Additionally, they are dedicating technical resources and technology to support members, ensuring smooth collaboration with our existing partners.”

Adding to this, First Actuarial partner, Mark Rowlinson, said: “We are thrilled with this appointment and now look forward to providing PSH with a first-class member experience for its savers, who can exchange their pots for the security of a lifetime pension. It’s great to see some genuine innovation in the market.

“By using productive assets and sharing returns with members, PSH aims to provide better outcomes for members. This aligns with our own ambitions and fits well with recent pension policy announcements such as the Mansion House reforms.”

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