TPT has launched a new option for DB schemes, enabling trustees to access a range of third party services without having to roll their scheme into a master trust.
Its DB Connect solution allow schemes to access fiduciary management, actuarial, covenant, administration, accounting, and secretarial services, whilst retaining its existing scheme structure and trustee board.
DB Connect enables schemes to access fiduciary management, actuarial, covenant, administration, accounting, and secretarial services, whilst retaining its existing scheme structure and trustee board.
TPT says this integrated service option will remove complexity and cost for trustees, while streamlining governance and will help provide focused decision-making through a single point of contact for trustees.
The DB Connect offering will sit alongside TPT’s existing master trust.
Fiduciary management services for DB Connect will be provided by TPT Investment Management, its FCA authorised subsidiary. TPTIM uses collectives to aggregate assets overseen by TPT with those of external pension schemes, generating scale benefits across a range of asset classes. This enables schemes to benefit from reduced fees through economies of scale, improved governance, and investment expertise.
TPT Retirement Solutions chief executive David Lane, adds: “We remain staunch advocates of the master trust model and will always champion the benefits of consolidation.
“However, one size doesn’t fit all, and joining a master trust may not be the preferred option for some schemes. DB Connect offers trustees the ability to retain legal responsibility for the overall delivery of member benefits while 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.”