Three defined benefit (DB) pension schemes have decided to consolidate into TPT Retirement Solution’s DB Complete Master Trust.

TPT announced that the transition process to consolidate the schemes into the master trust is now underway.

The schemes joining TPT’s master trust are in the retail, transport, and technology sectors and have a combined assets under management of £220m.

More than 3,500 members will be transferred to the TPT DB Complete Master Trust.

Consolidating into TPT’s master trust means the schemes will receive services including fiduciary management, actuarial, covenant, administration, accounting, and trustee responsibilities.

Fiduciary management services for the new schemes will be provided by TPT Investment Management (TPTIM).

TPTIM pools assets to try and generate immediate scale to enable greater exposure to alternative investment assets, such as infrastructure and broader private market assets.

“We’re delighted that three new schemes have chosen to join our DB Complete Master Trust,” said TPT Retirement Solutions chief executive, David Lane.

“Demand for consolidation is increasing as sponsors and trustees look for efficiencies through scale and seek access to best-in-class pension scheme investment management capability.”

TPT Retirement Solutions commercial director, Nicholas Clapp, added: “While TPT has been managing pension schemes for more than 75 years, we’ve seen substantial growth in demand for consolidation in recent months.

“Joining our master trust can be an effective stepping stone towards a scheme’s ultimate endgame such as a buyout.

“If a scheme prefers to run on, then placing an employer’s DB and DC schemes in the same trust provides a tax-efficient way for any DB funding surplus to be used to cover the employer’s DC contributions.”

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