Ultrafast broadband transient reflectivity experiments are performed to study the interplay between the nonequilibrium dynamics of the pseudogap and the superconducting phases in Bi(2)Sr(2}Ca(0.92)Y(0.08)Cu(2)O(8+δ). Once superconductivity is established, the relaxation of the pseudogap proceeds ~2 times faster than in the normal state, and the corresponding transient reflectivity variation changes sign after ~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.