TPT Retirement Solutions, a UK provider of workplace pensions with more than 450,000 members, has announced that three pension schemes have made the decision to consolidate into its DB Complete Master Trust, adding that the transition process is now underway.

The schemes joining TPT cover members working in three different sectors of the economy – retail, transport, and technology. The schemes have combined assets under management of £220m (€257m) and will transfer more than 3,500 new members to TPT.

Consolidating into TPT’s defined benefit (DB) master trust means these schemes will receive its full DB Master Trust service including fiduciary management, actuarial, covenant, administration, accounting, and trustee responsibilities, TPT stated.

“The benefits of joining a DB master trust include an experienced professional trustee board to provide oversight and governance, and access to sophisticated risk management that might otherwise be unavailable to smaller schemes,” it added.

“Schemes also typically see significantly reduced running costs due to efficiency in service provision as well as predictable fee structures,” TPT said.

Fiduciary management services for the new schemes will be provided by TPT Investment Management, which pools assets to generate immediate scale to enable greater exposure to alternative investment assets, such as infrastructure and broader private market assets, as well as TPT’s leading responsible investment capabilities.

David Lane, chief executive officer of TPT, said the move by these three schemes, which were not named, “represents a great endorsement of the consolidation solutions offered by TPT”.

“Demand for consolidation is increasing as sponsors and trustees look for efficiencies through scale and seek access to best-in-class pension scheme investment management capability. Consolidation provides better value for the schemes, incorporates the highest levels of stewardship and, ultimately, delivers better outcomes for members,” he added.

Nicholas Clapp, commercial director at TPT, added: “While TPT has been managing pension schemes for more than 75 years, we’ve seen substantial growth in demand for consolidation in recent months. Our DB Complete proposition offers a holistic approach to scheme management that removes cost and complexity.”

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