TPT Retirement Solutions has launched a new defined contribution (DC) decumulation solution designed to simplify retirement income planning for savers.

The new DC proposition is a managed income-for-life proposition, designed to provide a simple, cost-effective, and easy-to-use alternative for members who prefer not to make investment decisions, perform complex calculations, or seek financial advice.

The solution offers a path from pension saving to income withdrawal, enabling members to convert their pension pots into a sustainable, inflation-linked income for life.

For those choosing this income-for-life product, TPT Retirement Solutions calculates and pays regular drawdown payments, managing the level of withdrawals so that a member’s pot lasts until age 95 or until age 75 if they are planning to buy a guaranteed income in later life.

The offering aims to give flexibility for members to adjust income levels and capital withdrawals in line with their needs.

The development of this solution was in response to the provider’s research in 2024 which revealed that 35 per cent of pension savers felt confident making basic retirement decisions, such as how to access their pension.

Despite this uncertainty, the research indicated that 79 per cent did not plan to seek professional financial advice.

The research also highlighted a “strong” demand for guided, automated solutions, with 68 per cent of respondents expressing interest in a default drawdown-style product.

The proposition is supported by a technology platform, featuring a best-in-class digital experience.

The tools provide enhanced digital engagement, education resources, and retirement planning support, aligned with the Pensions and Lifetime Savings Association’s (PLSA) Retirement Living Standards to help members understand their income needs and options.

The solution complements TPT Retirement Solutions’ broader retirement offering and will sit alongside its defined benefit (DB) and upcoming collective defined contribution (CDC) schemes.

Commenting on the launch, TPT Retirement Solutions chief executive, David Lane, emphasised the importance of decumulation in improving retirement outcomes, stating: “Decumulation must become a central focus if we want to improve retirement outcomes”.

Lane added that the provider's DC solution offers a “clearer, more flexible route” to turning pension savings into income, which 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,” he continued. “Innovation in this space is long overdue.”

Adding to this, TPT Retirement Solutions DC director, Philip Smith, said the provider was “really excited” to bring this 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,” he continued.

“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 previously announced that it had completed a ‘major digital transformation’ before launching this DC retirement offering.

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