Ultrafast broadband transient reflectivity experiments are performed to study the interplay between the non-equilibrium dynamics of the pseudogap and the superconducting phases in Bi$_{2}$Sr$_{2}$Ca$_{0.92}$Y$_{0.08}$Cu$_{2}$O$_{8+delta}$. Once superconductivity is established the relaxation of the pseudogap proceeds $sim$ 2 times faster than in the normal state, and the corresponding transient reflectivity variation changes sign after $sim$ 0.5 ps. The results can be described by a set of coupled differential equations for the pseudogap and for the superconducting order parameter. The sign and strength of the coupling term suggest a remarkably weak competition between the two phases, allowing their coexistence.