TPT's DB superfund successfully clears regulatory assessment

• The TPT Retirement Solutions Superfund has achieved a successful outcome following The Pensions Regulator’s (TPR) assessment process.

• TPT’s Superfund is designed to run on and uses a longer-term and diversified investment approach to create additional value over time, which is intended to be shared with members.

• TPT has secured capital to fund the first £1bn to £1.5bn of transactions and is in active discussions with prospective schemes.

A successful outcome marks a significant milestone for TPT’s Superfund, demonstrating that the proposition has met TPR’s requirements designed to protect the security, and support the effective governance, of members’ benefits.

This outcome enables TPT to bring its Superfund to market and progress its first transactions. TPT has already secured the capital required to fund the first £1bn to £1.5bn of transactions which it anticipates will be sufficient to support a number of deals, subject to scale, transaction approval and market conditions. TPT is in active discussions with a growing number of schemes who are interested in entering its Superfund arrangement.

Built to run-on, TPT’s Superfund aims to generate additional value which can be shared with members, giving them a stake in future success. Its long-term approach provides access to a broader range of investment opportunities, economies of scale and greater flexibility. Combined with a built-in surplus-sharing mechanism, this creates the opportunity for value generated over time to be shared with members.

TPT’s entry into the superfund market provides a new option for schemes for whom buy-out is not a viable option, expanding choice for trustees and sponsors in the DB endgame market.

The expansion comes as interest in DB endgames continues to grow. Recent research from TPT found that 57% of trustees surveyed say they are currently considering consolidation into a superfund as an endgame option for their scheme*. Both TPR and the Department for Work and Pensions (DWP) have also expressed their support for superfunds, including the potential benefits of greater scale and access to a broader range of investments.

The introduction of a superfund builds on TPT’s 80 years of experience in providing retirement income security to its members. TPT has established in-house expertise across administration, actuarial, investment and governance, and currently supports 66 DB schemes within its master-trust and multi-trust propositions, capabilities that it will bring to the superfund market.

TPT has also signalled its intention to launch the UK’s first multi-employer CDC proposition. Subject to regulatory authorisations, TPT will have six different consolidation vehicles. 

David Lane, CEO at TPT Retirement Solutions, said:  

"This is a landmark moment for TPT and one of the most significant milestones in our history. Achieving a successful outcome through The Pensions Regulator's assessment process enables us to bring an innovative new superfund to the market, expanding choice for trustees and sponsors. We are incredibly proud of the proposition we've built and the opportunity it creates to deliver long-term security and value for members.”

Nadeem Ladha, Chair of TPT’s Superfund Trustee Board and Partner at Aretas Trustees, said: 

“I am delighted that The Pensions Regulator has positively assessed the Superfund following a rigorous and robust submission process. It has been a privilege to work alongside such a high-calibre Trustee Board throughout the pre-assessment and assessment process.

Our focus now, as trustees, is on the future and, above all, on members. We look forward to working with TPT to provide a secure long-term home for DB pension schemes, while giving members the opportunity to share in the value created over time.”

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.

*Findings are based on an independent survey of 100 UK defined benefit pension trustees representing schemes with assets ranging in size from £100m to over £10bn, conducted on behalf of TPT Retirement Solutions. Results reflect respondents’ views at the time of the survey.