TPT Retirement Solutions has launched a new service that aims to provide defined benefit (DB) pension schemes with the benefits of consolidation without having to join a master trust.

The service, DB Connect, looks to give pension schemes access to fiduciary management, actuarial, covenant, administration, accounting, and secretarial services, whilst retaining its existing scheme structure and trustee board.

Fiduciary management services for DB Connect will be provided by TPT Investment Management Ltd (TPTIM), its Financial Conduct Authority (FCA) authorised subsidiary.

Built on the scheme consolidation model, TPTIM will look to pool assets to deliver greater value and responsible investing options for the benefit of corporate pension schemes.

By using collectives to aggregate the assets overseen by TPT with those of external pension schemes, TPTIM is expected to generate immediate scale benefits across a wide range of asset classes, allowing schemes to benefit from reduced fees through economies of scale, improved governance, and investment expertise.

TPT Retirement Solutions business development director, Nicholas Clapp, commented: “We’re really excited to be launching DB Connect, an innovative new proposition that is underpinned by a very different approach to helping schemes.

“DB Connect will provide any scheme that wishes to appoint us access to most of the benefits of consolidation as part of an integrated service proposition, but without having to move into our DB Master Trust.

"The result for schemes will be more nimble strategic decision-making, combined with the benefits of our integrated service such as reduced running costs, economies of scale, greater efficiencies, access to specialist investments, with the additional benefits of fiduciary management.”

TPT confirmed that DB Connect offering will sit alongside TPT’s existing Master Trust, with chief executive, David Lane, emphasising that TPT Retirement Solutions remain "staunch advocates" of the master trust model.

"However, one size doesn’t fit all, and joining a master trust may not be the preferred option for some schemes," he acknowledged.

“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.”

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