Three schemes consolidate into TPT’s DB Master Trust

TPT Retirement Solutions, one of the UK’s leading providers of workplace pensions with more than 450,000 members, is today announcing that three schemes have made the decision to consolidate into its DB Complete Master Trust and the transition process is now underway.

The schemes joining TPT cover members working in three different sectors of the economy - retail, transport, and technology. The schemes have combined assets under management (AUM) of £220m and will transfer around 3,000 new members to TPT.

Consolidating into TPT’s DB Complete means these schemes will receive its full DB Master Trust service including fiduciary management, actuarial, covenant, administration, accounting, and trustee responsibilities. The benefits of joining a DB Master Trust include an experienced professional trustee board to provide oversight and governance, and access to sophisticated risk management that might otherwise be unavailable to smaller schemes. Schemes also typically see significantly reduced running costs due to efficiency in service provision as well as predictable fee structures.

Fiduciary management services for the new schemes will be provided by TPT Investment Management (TPTIM). TPTIM pools assets to generate immediate scale to enable greater exposure to alternative investment assets, such as infrastructure and broader private market assets, as well as TPT’s leading Responsible Investment capabilities.

TPT has been recognised by the pensions industry for its DB Master Trust & Consolidation proposition and launched its DB Connect solution in October 2023.

Commenting on the new consolidation, David Lane, Chief executive of TPT Retirement Solutions, said:

“We’re delighted that three new schemes have chosen to join our DB Complete Master Trust, this represents a great endorsement of the consolidation solutions offered by TPT. Demand for consolidation is increasing as sponsors and trustees look for efficiencies through scale and seek access to best-in-class pension scheme investment management capability. Consolidation provides better value for the schemes, incorporates the highest levels of stewardship and, ultimately, delivers better outcomes for members.”

Nicholas Clapp, Commercial Director at TPT, comments:

“While TPT has been managing pension schemes for more than 75 years, we’ve seen substantial growth in demand for consolidation in recent months. Our DB Complete proposition offers a holistic approach to scheme management that removes cost and complexity. Joining our Master Trust can be an effective stepping stone towards a scheme’s ultimate endgame such as a buyout. If a scheme prefers to run on, then placing an employer’s DB and DC schemes in the same trust provides a tax-efficient way for any DB funding surplus to be used to cover the employer’s DC contributions.”

For more information on DB schemes and consolidation options visit our Defined Benefit page.