December 2, 2024
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When you run your own business, planning what happens when you stop usually falls to you. You decide whether to sell, hand over, keep running it or wind it down, and you are probably also the one who has to fund your retirement. It is easy to put that off while there are clients to serve and invoices to send.
Pension trustees face a version of this decision for the schemes they oversee, and a recent survey shows how they are weighing it. It cannot tell you what to do with your business, but it prompts five questions worth asking yourself.
The survey was conducted independently on behalf of TPT Retirement Solutions, which has a defined benefit (DB) superfund, and covered 100 UK DB trustees. The results reflect respondents’ views at the time of the survey. It is a study of UK pensions, so the questions below are inspired by its findings, not proven by them.
In TPT’s 2024 research, 40% of trustees polled said they were considering a superfund transaction. In the latest survey, 57% say so, which suggests superfunds have gained traction, although the surveys may not be directly comparable. Superfunds are now the most commonly considered option, ahead of capital-backed journey plans (50%), buyout (43%), consolidation into a DB master trust or multi-trust (41%) and run-on (28%). Steve Collins, TPT’s Head of Superfund, says superfunds are “no longer a niche consideration”.
For your business: The share of trustees considering a superfund appears to have risen in two years, which is a reminder that options can change faster than plans do. Write down the routes you have considered (sell, hand over, run on, wind down) and put a date in the diary to review them, so you are not relying on a plan you made when you started.
Among trustees overseeing schemes with more than £1bn in assets, 63% are considering a superfund, compared with 49% of those overseeing schemes under £1bn. With 100 respondents split across two groups, that difference is indicative.
For your business: The survey compares pension schemes of different sizes, but the point carries over. A solo consultancy and an agency with a team can have very different options, and what suits one may not suit the other. Look at what businesses like yours are doing before you decide what is normal.
The most commonly cited barrier to wider superfund adoption was scheme funding readiness (30%). No single factor dominated, but it came first.
For your business: The survey’s barrier is specific to pension schemes, but there is a parallel for owners. Readiness might mean clear numbers, documented processes, and not depending entirely on you. For you personally, it means knowing where your retirement income will come from.
That second part is easy to overlook. According to a July 2026 article in FinTech Global, only 17% of the UK’s 4.4 million self-employed people currently pay into a pension, compared with nearly 90% of eligible employees. This does not appear to be down to a lack of intent: three-quarters of self-employed workers say setting aside money for retirement matters to them, roughly matching the proportion of employed people.
The article says that the difference lies in mechanisms. Employees benefit from automatic enrolment; no equivalent exists for those working for themselves, and irregular earnings add a further layer of complexity. It also notes that the second UK Pensions Commission’s interim report described self-employed pension participation as one of the most pressing issues facing the UK pensions system.
Understanding of downside protections was the next most cited barrier (26%), with regulatory certainty and adviser confidence both at 25%.
For your business: The survey’s barriers are specific to pension schemes, but the habit carries over. Before committing to a direction, ask what each option would mean for you if it went wrong. Then, ask whether you are confident in the people advising you. A regulated financial adviser and an accountant can look at your own figures, which a survey cannot.
Collins says the challenge for trustees is ensuring that evaluation occurs early enough to understand where a superfund may fit within their endgame strategy, while preserving flexibility as key strategic decisions are made. TPT’s analysis adds that, given the prominence of funding readiness, schemes may wish to assess superfunds earlier in their endgame journey.
Trustees appear positive about the direction of the market, with 95% expecting superfund transactions to become more common over the next two years. Collins is clear that consideration should not be taken as an indication of future transaction volumes, and TPT notes that suitability will continue to depend on the individual circumstances of each scheme.
For your business: Collins’ point is about pension schemes, but it applies to owners too: starting early gives you more choice about timing and options, while waiting until the pressure is on can narrow both.
Trustees have to weigh several long-term options, check their readiness and take advice before committing. Business owners face a similar decision about selling, handing over, running on or winding down, and can borrow the same questions.
No. It is a study of UK defined benefit pension schemes, so the questions in this article are inspired by its findings rather than proven by them.
It might mean clear financial numbers, documented processes and not depending entirely on you. Personally, it also means knowing where your retirement income will come from.
As early as you can. Starting early gives you more choice about timing and options, while waiting until the pressure is on can narrow both.
A regulated financial adviser and an accountant can look at your own figures, which a survey cannot. Ask what each option would mean for you if it went wrong.
