TPT Retirement Solutions takes on £50m Reading Buses scheme, adding 450 members to DB master trust.
Approximately 450 members of the scheme have joined TPT DB Complete Master Trust.
Laurence Jenkins, finance director at Reading Buses, said the decision to consolidate was made due to an “increasingly onerous” governance burden and rising operating costs.
Following a review, Reading Buses opted to move to TPT as it was “a more effective and efficient way of running the scheme”, Jenkins said.
He added: “The transition to TPT has been a very smooth process and we’re grateful to the Trustees and their advisers for their support with the transfer. We are really pleased to be partnering with TPT on the running of the scheme and look forward to working with them in ensuring that the members and company receive a high-quality service.”
TPT Retirement Solutions has now taken on responsibility for investment management, actuarial, covenant, administration, accounting, and professional trustee governance services.
TPT’s subsidiary TPT Investment Management provides fiduciary management to the master trust. It is currently expanding its private markets allocations – most recently through an £800m investment into alternatives mandates.
TPT Retirement Solutions’ chief executive David Lane said: “Consolidation is an increasingly popular option for schemes, whether it is a master trust or multi-trust solution, as sponsors and trustees look for efficiencies through scale and seek access to best-in-class investment management capability through our fiduciary management offering.
“Consolidation typically provides better value for the schemes, and the highest levels of stewardship all with the goal of delivering better outcomes for members.”
Further reading
TPT allocates £800m to new alternatives funds (25 June 2024)
DC consolidation: A complex picture (23 April 2024)
TPR boss outlines consolidation drive (13 March 2024)
