TPT appoints independent trustee board for new run-on DB superfund

The board will be chaired by Nadeem Ladha, partner and professional trustee at Aretas Trustees. Ladha will be joined on the board by Rekha Owen, professional trustee at Law Debenture, Huw Evans, director at BESTrustees, and Kate Grant, trustee director at Capital Cranfield. This is an important step in the development of our superfund solution and necessary in advance of TPRs assessment of TPT’s superfund proposition.

Nadeem Ladha is an accredited professional trustee and qualified actuary with more than 20 years' experience in the pensions industry. He is a founding partner of Aretas Trustees, a boutique professional trustee firm. He previously worked as a senior advisor to both trustees and sponsors at Hymans Robertson and PwC, before moving into professional trusteeship at 20-20 Trustees (now Vidett) in 2018, where he led on strategy and innovation across the firm.

Rekha Owen is an accredited professional trustee and CFA Charterholder from Law Debenture. Rekha brings more than 25 years’ experience in the investment industry to the board of trustees, with expertise in private markets, investment consulting, fiduciary management, and financial regulation.  Rekha spent nearly 20 years at Mercer, where most recently she led their Alternative Investments business in Canada.

Huw Evans is a trustee to seven pension schemes and chairs six of these trustee bodies – two of which he sits on as sole trustee. Huw holds the Pensions Management Institute’s Award in Pensions Trusteeship for both DB and DC pension schemes. He is also a fully accredited member of the Association of Professional Pensions Trustees.

Kate Grant is an accredited professional pension trustee with more than 30 years’ experience in the pensions and reward industry. Kate has held senior roles in numerous FTSE-listed global companies, and managed a wide range of DB and DC schemes ranging in asset size from £200m all the way to £6bn.

This independent, diverse and experienced board will provide TPT’s superfund with industry-leading guidance, bringing a demonstrable range of skills and a breadth of knowledge that will ensure the scheme is well governed and ran in the best interest of its members.

TPT’s superfund proposition, which is 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.

TPT’s planned superfund follows an announcement in May of its intention to develop a multi-employer Collective Defined Contribution (CDC) proposition, and 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 very excited to be a part of TPT’s new superfund. I, along with the rest of the board, think there is a real opportunity here to do something that's innovative and which ultimately holds the best interests of members at its heart.”

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

“I have every faith that this newly appointed board, with its breadth of knowledge, expertise and independent thinking, will prioritise members’ interests and achieve the best possible outcomes for them. It’s important to have the board in place now as we move into TPR assessment. At TPT, we believe consolidation vehicles such as this provide better outcomes for members. They benefit from economies of scale and help to achieve better value for money, aligning with The Pension Regulator’s (TPR) ambitions for fewer, larger, well-run schemes.”  

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.