TPT completes major digital transformation ahead of new DC retirement offering launch
TPT has introduced a new technology platform to improve the digital experience for DC members and employers and support the launch of its new retirement offering.
The improvements involved redesigning and rebuilding its technology and service provision to members from scratch. The decision to build a new platform was taken to avoid the substantial challenge posed by legacy systems. TPT’s enhanced DC proposition will also introduce a market-leading member portal and mobile app featuring improved engagement and education tools.
The improved customer journeys are intended to simplify pension information and support members decisions. The solution will also provide a range of upgrades that will improve service for members and employers. These are designed to ensure that members have all the tools they need and make their pension clear and easy to understand.
These improvements have been designed to align directly with TPT’s new DC decumulation offering. This solution will make retirement simpler for members by providing a straightforward pathway to a sustainable inflation-linked stream of income into retirement. It will give members the flexibility to change income and capital withdrawals to suit their circumstances.
The solution is built upon the principles of “digital first”, improving engagement and simplifying the complex decisions facing members at retirement. As such, the platform also includes a drawdown option that will give members the ability to transition into an annuity later in life if they want to guarantee their future retirement income. The retirement planning tools are aligned with the PLSA’s “Retirement Living Standards” to ensure members fully understand their retirement options. The offering will form part of a straightforward digital solution with tools to make retirement choices clear and easier to understand, with member’s interests at its heart.
Commenting on the upgrades, David Lane, CEO at TPT Retirement Solutions, said:
“We’re delighted to introduce this series of upgrades to our technology and systems. Member’s interests are at the heart of everything we do, and these improvements will fundamentally improve how savers engage with and access their pensions."
Commenting on the new retirement proposition, Philip Smith, DC Director at TPT Retirement Solutions, said:
“At TPT, we are committed to the continual improvement of our members experience and maintaining value-for-money, high quality services on their behalf. This offering will make it easier for savers to access their pensions through industry leading technology and innovative systems, which will make it more efficient than ever. We believe our enhanced DC offering will be unique in simplifying the decumulation process for members, providing a straightforward, low cost retirement solution, and we can’t wait to see it in operation.”
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: Verity House, 6 Canal Wharf, Leeds, LS11 5BQ
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: Verity House, 6 Canal Wharf, Leeds LS11 5BQ
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: Verity House, 6 Canal Wharf, Leeds, LS11 5BQ.
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