TPT launches first-of-its-kind managed retirement income for life offering

The new DC proposition is a ground-breaking managed income for life proposition, providing a simple, cost effective and easy-to-use alternative for members who do not want to make investment decisions, carry out complicated calculations or seek financial advice. It offers a streamlined path from pension saving to income withdrawal, enabling members to convert their pension pots into a sustainable, inflation-linked income for life.

For those opting for this income for life product, TPT calculates and pays regular drawdown payments, managing the level of withdrawals so that a member’s pot lasts for their lifetime (to age 95*) - or until age 75 if they’re planning to buy a guaranteed income (annuity) in later life. The offering provides flexibility for members to adjust income levels and capital withdrawals in line with their needs.

TPT has developed the solution in response to its research from 2024 that revealed just 35% of pension savers felt confident making basic retirement decisions, such as how to access their pension. Despite this uncertainty, 79% did not plan to seek professional financial advice. Significantly, 68% of respondents said they were interested in a default drawdown-style product—highlighting strong demand for guided, automated solutions.

The new proposition is supported by a modern technology platform, featuring a best-in-class digital experience. These tools provide enhanced digital engagement, education resources, and retirement planning support—aligned with the Pensions and Lifetime Savings Association’s (PLSA) Retirement Living Standards to help members understand their income needs and options.

This new DC solution complements TPT’s broader retirement offering, sitting alongside its Defined Benefit (DB) and upcoming Collective Defined Contribution (CDC) schemes. Together, they provide employers and members with a full suite of lifelong income options.

The new offering comes ahead of the Government's Pensions Bill which is expected to include legislation requiring DC schemes to create a new default decumulation solutions. 

Philip Smith, DC Director at TPT Retirement Solutions, said: 

“We are really excited to bring this next generation, groundbreaking income for life product to market. The lack of confidence among pension savers in making retirement decisions—coupled with an aversion to or the affordability of taking financial advice—creates significant risk for individuals’ financial futures. Our new solution aims to bridge this gap. By offering a default pathway into drawdown, backed by digital tools and flexible options, we’re empowering members to make informed, confident decisions—without needing to become financial experts.”

David Lane, Chief Executive of TPT Retirement Solutions, said:   

“Decumulation must become a central focus if we want to improve retirement outcomes. Our new DC solution provides a clearer, more flexible route to turning pension savings into income—one that helps members plan with confidence and adapt their income over time. Importantly, it reflects our belief that retirement income should last for life, respond to inflation, and be easy to access without expensive advice. Innovation in this space is long overdue – we are thrilled to be at the cutting edge of this.”

*Regular income payments cease at age 95. At this point the strategy aims to leave 2-3 years payments in the members drawdown account.

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.