Reading Buses' defined benefit (DB) pension scheme has consolidated into the TPT Retirement Solutions DB Complete Master Trust.

The Reading Buses scheme has around £50m in assets and almost 450 members.

Reading Buses' DB pension scheme will receive the full TPT DB master trust service, including investment management, actuarial, covenant, administration, accounting, and professional trustee governance.

TPT Retirement Solutions offers a professional trustee board to provide oversight and governance, and access to investment solutions that may otherwise be unavailable, while reducing the ongoing running costs.

Furthermore, fiduciary management services will be provided to the scheme by TPT Investment Management (TPTIM).

Commenting on the consolidation, Reading Buses finance director, Laurence Jenkins, said the DB scheme is an “important” benefit for not only the current active members but also the deferred members and pensioners.

Jenkins explained that “the scheme has been well run by the current trustee board and advisers; however, governance was becoming increasingly onerous, with the costs of running the scheme also increasing”.

“It was therefore the right time for us to review whether there was a more effective and efficient way of running the scheme,” Jenkins continued.

“Following this review, it was clear that there were significant service benefits for the members and investment and cost benefits for the company in moving to TPT’s DB Master Trust.

“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.”

Adding to this, TPT Retirement Solutions chief executive, David Lane, said TPT Retirement Solutions was “delighted” to welcome the Reading Buses scheme into its DB Complete Master Trust.

“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,” Lane commented.

“Consolidation typically provides better value for the schemes, and the highest levels of stewardship all with the goal of delivering better outcomes for members.”

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