TPT Retirement Solutions has confirmed the successful transfer of the Family Building Society’s defined benefit (DB) pension scheme to its DB Complete Master Trust arrangement.

The workplace pension provider said the society’s £30m scheme will bring 250 members to TPT, including 66 members who are currently active in a cash balance section.

The Family Building Society is the UK’s largest single office building society, with assets of £2.3bn and origins dating back to 1896.

TPT said that the move was another example of the “increasing momentum towards DB consolidation through DB master trusts”.

TPT chief executive, Mike Ramsey, commented: “We are pleased to welcome the Family Building Society to our DB master trust.

"As a modern, member-focused and not-for-profit organisation, we share the values, culture and ethos of the society and look forward to establishing a successful partnership.”

Family Building Society finance director, Andrew Barnard, added: “The society has significantly reduced scheme running costs, strengthened governance and has allowed access to more sophisticated and diversified investments, and importantly, ensures members of the scheme will receive an even better service.”

Barnard noted that the Covid-19 pandemic had "accelerated some of the improvements we had planned” and claimed that the move “reduces risk, creates a more robust scheme for our members and the society, and helps improve our capital position”.

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