Our Annual Review 2024

This has been a landmark year for TPT, during which our ambitious plans have started to take hold. We wanted to make some big changes and to do new things, and we have taken opportunities to do that in a way that enhances how we support scheme sponsors, trustees and members. 

Firstly, we broadened our range of solutions to include standalone fiduciary management, delivered by TPT Investment Management. The expertise and scale were there already as part of our DB Master Trust and Multi-Trust offerings but, in making it a separate proposition, we have made DB consolidation more flexible and accessible to a wider pool of pension schemes.

We also took the lead in exploring Collective Defined Contribution (CDC) and, as its potential benefits to all stakeholders became clearer, we announced that we would be the first to develop and launch a multi-employer CDC scheme to market.

We are also onboarding our first DB Connect client and continue to have positive conversations about this flexible approach to DB pension scheme consolidation.

And, finally, we delivered our much-improved DC offering. The on-line servicing platform and “to-and-through retirement journey” that we have created sets a much-needed new standard for DC members. It’s the kind of innovation that government, regulators and the wider industry are looking for, and we are delighted to bring these to market.

In doing all of this, we have had a lot more to say. As our breadth of solutions continues to expand, we have shared our insights on end-game planning, proposed regulation and legislation, trustee trends, pension policy and much more with the pensions media, industry bodies, The Pensions Regulator and the DWP.

With all of this comes a need to make sure that we continue to do things to a high standard, and to maintain our reputation as a leading pension provider. We have grown our business and now we start another year with a bigger and stronger team that can keep striving to make pension schemes perform better for everyone.

We’ve been in pensions for a long time, and that says a lot about our experience and knowledge – we know them inside out. We also know that they’re constantly changing, and our focus has always been on keeping up with that change and getting ahead of it – never more so than now. 

Our specialism is consolidation and, over the last year, we’ve recognised and acted on opportunities to grow new solutions. We are onboarding our first client into the DB Connect proposition and we’re actively shaping the future of a totally new potential option, in CDC pension schemes. Both strengthen our position as a consolidator and have solidified our reputation as a dedicated consolidation vehicle - the change in perception was noticeable at last year’s PLSA Conference.

We also launched our standalone fiduciary management service. This is a natural extension of what we do, and was on our radar for some time, but had to be timed to suit the market and our own capabilities. We needed to look at our structure and our way of working to ensure that they were fit for purpose. As a result, we start the year with stronger governance and a more effective team set-up across the group, ensuring that we can deliver an enhanced service with the same level of quality and assurance.

We’ve grown in so many ways over the last year. To the outside world, we’ve expanded our range of products and services, and that’s driven interest from the industry, clients and the media.

Behind the scenes, we’ve never been so in demand. We’ve hit record numbers of employer and member calls and queries, handling them in more efficient ways for everyone and growing our reputation for service excellence. Our new website and brand have launched and set the tone for a year of modern thinking and innovation – most notably through the launch of our new to-and-through retirement journey, and digital experience, for Defined Contribution members. 

In Defined Benefit, we’ve responded to a real shift in the landscape. Discussions between sponsors and trustees have gone from focusing on the amount and pace of deficit funding, a few years ago, to the kind of endgame they’re looking for and the operating model that’s able to get them there. Improved funding positions typically provide the opportunity to streamline the running of the scheme, with fewer advisers and associated costs, and we’re there with new and emerging solutions that make us an even stronger option for schemes looking to consolidate.

Pensions are often associated with complexity, and we believe that the innovation that’s taking place in our business – and completely changing our DC customer experience – can change that. We’ve taken what we know from our members, and our industry, to create a genuinely member-friendly DC pension.

It means that TPT members now have a simple, intuitive online account to guide them through their pension saving journey and make it easy. And, when they get closer to retirement, they’ll have a first-of-its-kind ‘income for life’ option that totally changes the retirement experience. This multi-year couldn’t have been delivered without the hard work and dedication of so many people within our business. It’s fantastic to see it coming to life. 

There’s also collective DC – or CDC – to think about, which is opening up what many see as a limited pensions landscape for sponsors and trustees. For some, it could provide the best of DB and DC, with benefits for both sponsors and their pension scheme members. We’re delighted to have been able to share our insights in this area and to be actively developing a multi-employer CDC scheme.

We all play a crucial role in helping our members feel confident about their future. Getting older comes with all sorts of questions and concerns and, if we can provide clarity or reassurance about someone's pension, we’re truly making a difference.

At TPT, we pride ourselves on having a fantastic team and an inclusive culture where everyone is ready to pitch in and support each other. But we are always striving to do more.
Our focus on learning and development isn’t just about remaining a leading pension provider, but is also about empowering our colleagues to be the best they can be in their roles, and to leave work each day with a sense of accomplishment.

We’ve dedicated the past year to making TPT an exceptional place to work, so we can not only attract the best people but also retain and nurture them.

Our colleague survey revealed a lot of positive insights into our work environment and highlighted some areas that we can continue to enhance. A standout point for us is that nearly every colleague (92%) provided their feedback. We’re proud to have a culture where people feel confident to share their thoughts, knowing that their voices will be heard and valued.

We also give colleagues from around the business the chance to feedback during quarterly roundtable meetings with our CEO, David, and Chief People Officer, Helen. They can ask anything, raise issues or make suggestions to make their work life even better, and we’re pleased to have implemented lots of them.