TPT DB Master Trust sponsor Seabourne Holdings Limited agrees buy-in with Just Group

Seabourne Pension Scheme joined TPT’s DB Master Trust back in December 2019. Over the past five years, TPT has supported Seabourne in developing and delivering its end game strategy – enabling it to undertake this transaction with Just Group.

TPT’s DB Master Trust service includes fiduciary management provided by TPT Investment Management (TPTIM), as well as actuarial, covenant, administration, accounting, and trustee services. Sponsors benefit from an experienced professional trustee board to provide oversight and governance, and access to sophisticated risk management that might otherwise be unavailable to smaller schemes.

Being in TPT’s DB Master Trust gave Seabourne a strong governance framework to oversee its buy-in preparation. It also provided access to a competitive insurer selection process leveraging the trust’s buying power.

Verity Trustees Limited, the trustee of Seabourne Pension Scheme, signed the buy-in deal as part of its ongoing commitment to secure the long-term future of members' pension benefits.

The trustee carefully selected Just Group, based on its status as a well-established, regulated insurance company with a strong financial standing.

While the covenant relationship with the sponsor remains in place, the future liabilities of the scheme have now effectively been passed to insurer Just Group who will guarantee all future retirement payments going forward.

The deal demonstrates the ongoing support TPT provides to its DB Master Trust and Multi-Trust sponsors, serving as an example of what thorough, rigorous endgame planning can look like.

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

“We’ve seen a substantial uptick in demand for consolidation over the past year. Joining our Master Trust can serve as a crucial steppingstone along the path towards a scheme’s ultimate endgame. We’re delighted to have supported Seabourne in its own journey. It's brilliant to see that our support over the past five years has led to a tangible outcome which adds value for both the business and scheme members.”

Nigel Hudson, Financial Director at Seabourne Holdings Limited, said: 

“We moved to TPT in 2019 in order to address and resolve the future of our final salary scheme. With a prospect of improved investment returns through access to larger funds with TPT, they also provided us with a plan to exit the scheme which they have diligently followed enabling us now to reach a solution which meets our needs.”

Ross Breckon, Business Development Manager at Just Group said: 

“We were very pleased to complete this transaction to secure the benefits of the Scheme’s members. Throughout the process, the level of preparation, governance and oversight by TPT shone through, which facilitated a smooth transaction when the scheme reached buy-in levels and demonstrating the continued strength of the market in delivering de-risking solutions for schemes of all sizes.”

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.