Four independent advisers appointed to support Trustee Board of TPT’s new run-on DB Superfund

The Trustee Board has appointed Gowling WLG to provide legal advice and Mercer as scheme actuary. In addition, LCP will provide independent investment oversight and EY will be the Superfund’s risk advisor. These firms will play an important step in the development and ongoing management of TPT’s Superfund solution, as well as supporting in the process of regulatory assessment.

TPT’s Superfund proposition, which is uniquely designed to run-on, will broaden the company’s range of endgame solutions available to both employers and trustees. With many schemes experiencing improved funding levels over recent years, the superfund proposition represents a viable route for those schemes that still fall short of full funding on a buyout basis.

Currently, 4 in 5 UK DB schemes are in surplus with an aggregate funding level of 120% on a technical provisions basis. Superfunds that run on are well placed to invest in growth assets, supporting the Government’s growth ambitions for the UK economy.

Gowling WLG is a leading international law firm with more than 1,400 legal professionals spanning 19 cities worldwide. It will be offering legal advice to the scheme’s Trustee Board.

Jason Coates at Gowling WLG said:

“We’re proud to have been selected to support the Trustee Board through the launch of this innovative Superfund with TPT Retirement Solutions. This is a significant development in the UK pensions landscape. TPT’s run-on Superfund model provides a compelling alternative for sponsors and trustees who want to secure member benefits and ensure robust governance, whilst also preserving the possibility of upside for members.”

Mercer, a business of Marsh McLennan is a global leader in helping clients realise their investment objectives, shape the future of work and enhance health and retirement outcomes for their people. Marsh McLennan is a global leader in risk, strategy and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. It will support TPT as the Superfund’s scheme actuary.

Michael Kelly, Funding and Benefits Partner at Mercer, said:

"We are delighted to have secured this appointment. We are looking forward to continuing to work with TPT and the Superfund Trustee Board to deliver a comprehensive service to this innovative industry development."

LCP has market leading capabilities across pensions and financial services, insurance, energy, health and analytics. It is the largest, owner-managed investment consultancy in the UK and Ireland and offers impartial advice to a range of global institutional clients. They will provide investment oversight for TPT’s Superfund. 

James Fermont at LCP, said:

“The unique investment requirements for a DB Superfund designed for run-on are complex. We look forward to working with the Superfund Trustee Board alongside TPT’s investment team to deliver an investment strategy that supports its members and delivers a first-class product for savers.”

EY is a leading accountancy and consultancy firm. Leveraging its 25,000 professionals and decades of experience in supporting global organisations in designing and embedding scalable, integrated risk frameworks, EY will be providing risk advisory services for TPT’s Superfund.

Jane Evans at EY, said:

"We are delighted to support the Trustee Board of TPT’s Superfund in bringing the new Superfund to market. Our knowledge of the UK regulatory landscape and how to manage change will be highly valuable to the Trustee Board as TPT introduces this innovative solution to a fast-moving, ever evolving and often volatile marketplace.”

TPT’s planned Superfund follows an announcement in May, when the business revealed its intention to develop a multi-employer Collective Defined Contribution (CDC) proposition. It also follows the recent launch of its DC income-for-life proposition. Pending regulatory authorisations, TPT will have six different consolidation vehicles, making it a clear industry leader and standout pioneer of pension solution development.

Nadeem Ladha, Chair of TPT’s Superfund Trustee board, said: 

“I am pleased the Board is partnering with four market-leading service providers to support the trustees in ensure the Superfund offers a market leading product for members, and ceding employers and trustees alike. This will ensure we are able to both collaborate with and challenge TPT appropriately.”

Nicholas Clapp, Chief Commercial Officer at TPT Retirement Solutions, said:

“At TPT, we believe consolidation vehicles can fundamentally generate better outcomes for members. Our Superfund will benefit from economies of scale and, with the support of these best-in-class advisers, can achieve value for money and support our ambition to make pension schemes perform better for everyone.”  

Notes to Editors

TPT Retirement Solutions (TPT) is one of the UK’s leading providers of workplace pensions with over 75 years’ experience of managing defined benefit and defined contribution pension schemes. It has £11.1 billion of assets under management (as at 30 September 2024) and more than 470,000 members.

TPT’s mission is to make pension schemes perform better for everyone, from the sponsoring employers and trustees to the members who are saving for the future. It is an innovative, forward-thinking organisation, investing in technology to improve the services they provide. TPT is ultimately owned by a pension fund, providing genuine alignment of interests with those of its clients and scheme members.

Our ownership

TPT Retirement Solutions Limited is wholly owned by Verity Trustees Limited in its capacity as trustee of The Pensions Trust.

TPT Investment Management Limited is a wholly owned subsidiary of TPT Retirement Solutions Limited.

Group Services & Regulation

Verity Trustees Limited is the corporate trustee of The Pensions Trust and The Pensions Trust 2016. It is a company limited by guarantee and is regulated by The Pensions Regulator. Registered in England and Wales under company number 00744017. Registered office: 5th Floor 3 South Brook Street, Leeds, England, LS10 1FT.

TPT Retirement Solutions Limited provides pension management and administration services to UK pension schemes. Registered in England and Wales under company number 09639961. Registered office: 5th Floor 3 South Brook Street, Leeds, England, LS10 1FT.

TPT Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FCA) and provides investment management and consultancy services to UK pension schemes. Registered in England and Wales under company number 14527587. Registered office: 5th Floor 3 South Brook Street, Leeds, England, LS10 1FT.