The Financial Conduct Authority (FCA) has granted regulatory approval to TPT Retirement Solutions (TPT) to create a commercial investment company offering fiduciary management and consulting services to DB schemes.
TPT Investment Management (TPTIM) will improve on TPT’s internal investment function while expanding its capabilities to non-TPT pension schemes. TPTIM will provide fiduciary management services to trustees through a new DB offering, managing £10.4bn in combined assets.
Asset pooling and access to a variety of assets, including infrastructure and responsible investment, that were previously unavailable to independent schemes are included in the TPTIM proposal.
TPTIM will create collective investment vehicles as Alternative Investment Funds (AIFs) to consolidate assets and generate scale benefits across various assets.
The CEO of TPTIM will be Cliff Speed, the Chief Investment Officer of TPT who formerly handled the UK fiduciary service of BlackRock Solutions.
The new DB solution will debut in Q4 2023, offering a full suite of services, reduced fees, improved governance, and investment expertise while keeping the current trusteeship and working with TPT’s current master trust.
TPT Retirement Solutions CEO David Lane says: “We are thrilled to be launching our new investment company. This marks the beginning of a new and exciting chapter for TPT. We remain firm advocates of the master trust model and are the standard bearers of consolidation. However, we recognise that one size doesn’t fit all, and for some trustees joining a master trust is not a viable option.
“Through our new offering, we will offer trustees the ability to retain legal responsibility for the overall delivery of member benefits, whilst generating efficiencies through scale and access to best-in-class pension scheme investment management capability. This will provide better value to the schemes, incorporate the highest levels of stewardship and, ultimately, deliver better outcomes for members.
“Many lay trustees struggle to keep up with the growing regulatory responsibilities and administrative requirements placed upon them. TPT will be able to assist them with this as part of our new proposition. We look forward to launching our new DB proposition in due course, which has been enabled by the formation of TPTIM.”
