• Premature derisking of pension schemes could be costing the UK economy 20 to 25 years of productive investment.

• Pension consolidation, through the creation of large DB Superfunds, has the potential to increase productive investment.

• The Government must use the forthcoming Pensions Scheme Bill to operate Superfunds like pensions funds under pensions regulation rather than insurance institutions under the Solvency UK regime.

• To enhance the resilience of the system and generate more productive capital, insurers should be allowed to set up Superfunds outside their Solvency UK ringfences.

• The disparities between different official data sources make it impossible for the government to assess systemic risk and the overall health of the pension system; the health of the UK economy requires this to be addressed.

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Read the short consolidation: It's time to revisit pensions consolidation

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