TPT first to submit authorisation application to launch multi-employer CDC scheme

Pending regulatory approval, the TPT Collective Pension Scheme aims to be the UK’s first open-market collective pension scheme, designed to be available to employers of different sizes and across a range of sectors. The proposition has already secured significant interest, with more than 10 employers, representing over 20,000 members, having already confirmed their interest in joining the scheme.

The scheme has been designed as a whole-of-life CDC scheme, meaning members would participate in the collective arrangement throughout their retirement journey – saving into a collective, pooled fund during their working lives, then receiving an income during their retirement. By investing collectively and maintaining exposure to growth-seeking assets for longer, CDC schemes have the potential to offer members a higher and more predictable retirement income than traditional individual DC arrangements.

Having completed TPR’s Superfund assessment process in October 2026, and subject to regulatory approval of the TPT Collective Pension Scheme, TPT will offer employers six distinct consolidation vehicles, setting it apart in the market and reinforcing its position at the forefront of pension innovation.

TPT brings over 80 years’ experience in managing multi-employer schemes and already administers DB and DC Master Trusts for more than 490,000 members. Its new Collective scheme is designed to complement and leverage this existing expertise and scale across DC and DB, resulting in an extensive range of pension scheme options for its clients. 

David Lane, CEO at TPT Retirement Solutions, said: 

“Submitting our application is a major milestone for TPT and for the development of collective pensions in the UK. The introduction of CDC will enable us to expand the breadth with which TPT is able to deliver secure retirement income for our members. CDC is not intended to replace DB and traditional DC, but can fill an important gap between them, giving employers greater choice and members the potential for a higher and more predictable retirement income."

Minister for Pensions, Torsten Bell MP, said in response to TPT entering assessment:  

“Too many people reach retirement unsure whether their savings will stretch far enough. CDC schemes offer a different way forward, one where the ups and downs of the market are shared across the group, not shouldered alone, giving people a more predictable income to rely on in later life.

This is just one part of our broader drive to reform pensions so they work harder for savers, cutting costs, improving returns, and making sure the system delivers the security people have earned after a lifetime of work."

Notes to Editors

TPT Retirement Solutions (TPT) is one of the UK’s leading providers of workplace pensions with 80 years’ experience of managing defined benefit and defined contribution pension schemes. It has £11.4 billion of assets under management (as at 30 September 2025) and more than 490,000 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.