Our Annual Review 2025

TPT is a specialist in consolidation, and over the last year we've started to execute plans to take this much further. Our aim, as you may have seen, is to add a commercial superfund and a multi-employer collective defined contribution or CDC proposition to our range of DB and DC solutions. This will make us the first pension provider to cover the broad spectrum of consolidation options an employer or scheme trustees might need.

There's a lot of work to do, and this of course, includes working with regulators to make sure we have the right systems and processes in place. The involvement we have in industry and policy discussions is hugely valuable as we continue to shape the propositions to meet both member and sponsor needs. Alongside this, we started to change our business and the way our teams work to support our ambitions.

We've already appointed two new trustee boards for Superfund and CDC, and now we're building new capabilities across the business. Looking back to when we started eight years ago, we were a service provider, and we've done that to a really high standard. Building new solutions and changing our approach over time. Now we're heading towards providing six different consolidation solutions, and we're in a position to respond to the great opportunities in the market.

This doesn't just mean that we're developing brand new propositions, but also we're creating bigger opportunities for the people within TPT. That hard work and skill has allowed us to move forward at such speed over the last year. I'm pleased to have highlighted some of that and how we're making TPT an even better place to work within this review.

Our biggest innovation this year has no doubt been the complete transformation of our member experience and the introduction of a brand new managed income for life proposition for our DC members. It's been a number of years in the planning, and it's really thrilling to see how this is now being brought to fruition during 2025. It's been a substantial piece of work and a very complex one.

In fact, we had a number of different workstreams running simultaneously to be able to deliver a change to our administration platform, to onboard new technology and partners, and to be able to refresh all of the information that we give our customers at every stage of their journey with us. It's touched just about everyone in our business at some point in this past year.

We've learned an awful lot from this substantial program, and we can take those learnings into the further innovation that we have for TPT, such as introducing a multi-employer CDC scheme and also a superfund designed for run-on. We shouldn't lose sight of the smaller projects that are also receiving funding and progression, and we really require and encourage our employees to support this ongoing state of change and the innovation that will bring the future success of TPT.

We now have an award-winning DC proposition, and that stands us in really good stead in a highly competitive landscape. We can see that it's meeting the needs of our members, and we're seeing the proof of that in that half of the people that are looking for a regular income from their DC part are securing that income through one of our managed income options.

We've built this bench strength of knowing how to deliver large-scale change, and we can embrace that innovative approach as we move ahead with our agenda to impact the industry further.

So there are many changes taking place within our industry at the moment, and this is leading us to launch major new solutions. As well as this, we continue to improve our existing services for members, sponsors and trustees. This is a result of our ownership structure whereby profits are reinvested back into the business for their direct benefit. Within the DB sphere, many schemes have found themselves in an improved funding position.

Now this has shifted the focus from deficit recovery through to endgame planning. The traditional route of buy-in and buy-out still exists, but consolidation has paved the way for alternative endgame options for us. An example of this was our client, Seabourne. They, through our DB Master Trust, have now moved into a full volume position with Just Group.

With the current pace of change within the market. There are new and alternative options for pension schemes, sponsors and trustees. Our focus is to help sponsors and trustees understand the different options within the market and ultimately help achieve better member outcomes.

This year has been huge from a regulatory perspective, with complex regulations like the Pension Schemes Bill as a backdrop. We've appointed two new trustee boards with fantastic experience. We've supported all the positive changes in the DC proposition. We've grown the team and added new specialisms. It's been incredibly busy but very positive. We've learned a lot and helped to guide three sets of trustee boards in new, often complex areas.

As we broaden our proposition with the planned superfund and CDC schemes, we've also strengthened our data, their training processes, making sure that our teams can access essential regulatory training and update in a relevant and seamless way. And we have the knowledge and tools to do business in the right way. We've also continued to engage with industry at all levels, supporting the government's DC growth agenda as part of the Mansion House Accord and the Sterling 20.

We're actively engaging with the government and the regulators on the Pension Schemes Bill and DC reforms. And this is really important to us as a business with significant experience that is now doing new things. We want to help shape our industry and how it's going to operate in the future. Central to this is our ongoing core mission of supporting our members who are becoming more and more engaged with their pensions.

We can see that they're aware of the headlines and the changes that could affect them, like pensions and increases, and they need us to be there with the answers. So the ongoing theme of learning and guidance runs in all directions. We're staying ahead of the changes and communicating them in various ways to make sure that members can get the most out of their pension, whatever their scheme or membership type.

One of the key themes for us over the last year has been teen growth. We've recruited a large number of people, mainly to replace colleagues who have stepped up into new roles with us or to support Superfund and CDC. Creating two completely new propositions means it's really important to identify the level of skills we need, the required level of professional standing, and what succession planning will look like for key roles.

Teamwork and collaboration are key to who we are and our success, so it's vital that when we recruit, we demonstrate who we are as an employer and what matters to us and the benefits of coming to work with TPT. We're proud to be able to talk about the vast improvements that we've made over the last few years, and how they can benefit every member of the team.

This includes improving automation to make day to day tasks easier and less time consuming. Moving to a brand new modern head office. Continuing to strive for workplace equity and enhancing our learning and development rates. We also recognise the benefits of growing talent through apprenticeships placements. Our award-winning graduate scheme and incentivise professional development. It's great to see colleagues staying with us and developing into more senior roles to support our team on their career journeys.

We're continually improving and making sure that everyone can feedback whatever their level. We're also providing business wide training on key topics such as change management, as our proposition and way of working changes is even more important that we give every colleague the tools and support they need to excel in their role.