Taskforce: £1.5trn pension superfund needed
A cluster of 'superfunds' created by pooling £1.5trn of assets in existing retirement schemes offers the best route to mitigate Britain's growing pensions crisis, a City taskforce will say this week.Sky News has learnt that a committee established by the Pensions and Lifetime Savings Association (PLSA) will follow up an earlier report by warning that the current system with thousands of smaller defined benefit (DB) schemes operating independently is "placing the retirement savings of millions...at risk".The taskforce's final report will paint a stark picture of the challenges facing businesses as they attempt to close their yawning pension deficits, citing the crises at companies such as BHS, Woolworths and Tata Steel."Many existing DB schemes were established in 'old world' industries lik...