Reading Buses DB scheme consolidates into TPT’s DB Master Trust

TPT Retirement Solutions, one of the UK’s leading providers of workplace pensions with more than 450,000 members, is today announcing that Reading Buses has consolidated its defined benefit (DB) pension scheme into TPT’s DB Complete Master Trust.

The Reading Buses Scheme (the “Scheme”) holds around £50m in assets on behalf of almost 450 members. By consolidating into TPT’s DB Complete they will be joining the existing members and will benefit from TPT’s extensive experience drawn from almost 80 years of working in pension management. The scheme will receive the full TPT DB Master Trust service including investment management, actuarial, covenant, administration, accounting, and professional trustee governance.

Reading Buses chose to consolidate the Scheme into TPT’s DB Complete Master Trust due to the expertise and cost-effective solutions it offers. The benefits of joining include an experienced professional trustee board to provide oversight and governance, and access to sophisticated investment solutions that would otherwise be unavailable to the Scheme, whilst reducing the ongoing running costs.

Fiduciary management services for the schemes will be provided by TPT Investment Management (TPTIM). TPTIM pools assets to generate immediate scale to enable greater exposure to alternative investment assets, such as infrastructure and broader private market assets, as well as TPT’s leading Responsible Investment capabilities.

Commenting on the new consolidation, David Lane, Chief executive of TPT Retirement Solutions, said:

“We’re delighted to welcome the Reading Buses scheme into our DB Complete Master Trust. It represents an excellent endorsement of the consolidation solutions offered by TPT. 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 through our fiduciary management offering. Consolidation typically provides better value for the schemes, and the highest levels of stewardship all with the goal of delivering better outcomes for members.”

Laurence Jenkins, Finance Director at Reading Buses, said: 

“The DB scheme is an important benefit for not only the current active members but the deferred members and the pensioners. 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. 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.”

For more information on DB schemes and consolidation options visit our Defined Benefit page.