TPT Retirement Solutions has launched a new defined contribution (DC) decumulation solution to simplify retirement income planning for savers.
The new DC option provides a streamlined path for members to convert their pension savings into a sustainable, inflation-linked income for life, targeting those who prefer not to manage investments, perform complex calculations, or seek financial advice.
It’s offering a lifetime income product that makes regular payments, aiming to make a member’s pension pot last until age 95, or until age 75 if they plan to buy an annuity later. Members can adjust their income and withdraw capital as needed, giving them flexibility.
The new proposition is supported by a modern tech platform, offering tools for engagement, education, and retirement planning, all of which are aligned with the PLSA’s Retirement Living Standards. TPT says the proposition complements its wider retirement offering, alongside its DB and upcoming CDC schemes, giving employers and members a full range of lifelong income options.
TPT Retirement Solutions DC director Philip Smith says: “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.”
TPT Retirement Solutions chief executive David Lane says: “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.”
