TPT Investment Management launches new fiduciary management offering for UK pension schemes

• TPT launches a standalone fiduciary management proposition for Defined Benefit pension schemes

• TPT’s distinct ownership model and alignment of interests will ensure scheme members are prioritised  

• TPT’s fiduciary management offering will provide value with flexible pricing along with operational simplicity

• It will invest at scale in private markets and alternative asset opportunities 

TPT Investment Management (TPTIM), part of the TPT Retirement Solutions group, has today announced the launch of a standalone fiduciary management offering for UK pension schemes. TPTIM’s investment management services were previously only available through TPT’s DB Complete and DB Connect propositions.

TPT’s new fiduciary management service builds on the successful model of scheme consolidation – pooling assets to deliver value and impact – for the benefit of defined benefit pension schemes. TPT uses a range of asset class specific funds to aggregate the assets currently managed by TPT with those of external pension schemes, generating immediate scale benefits across a wide range of strategies. This enables schemes to benefit from increased diversification, better value through economies of scale, enhanced governance, and on-going investment expertise. The services are being provided by TPT’s existing and well-established in-house investment management function, which has 20 years of experience managing pension scheme assets. TPT is already responsible for £9.6bn in combined assets and attracts around £270m a year of new inflows.

As TPT is owned by a pension scheme with no external shareholders, it has a distinctive ownership model for a fiduciary manager and a singular focus on delivering consolidation for pension schemes. This ensures scheme members are always prioritised. TPTIM’s ownership model also creates a large internal market for assets which means where there is both a buyer and a seller for assets which provides the potential for assets to be exchanged internally with no costs or transaction fees.

A significant advantage of TPT’s fiduciary management service is the access it provides to a range of investments that are not necessarily available to smaller, standalone schemes. TPT has extensive experience in asset allocation, notably, a significant allocation to private markets including infrastructure and private credit. In addition, clients gain access to TPT’s leading responsible investment capabilities. Sustainable investing plays a central role in TPTIM’s decisions ensuring the responsible allocation, management, and oversight of capital to create long-term value for scheme members, and sustainable benefits for the economy, the environment, and society.

The fiduciary management service is underpinned by first-class customer service with new technology and advanced reporting. TPT’s technology platform includes tools to manage each client’s portfolio in line with risk budgets and ensures a robust approach to governance, reporting, and investing. The service focuses on the delivery of good outcomes with a flexible proposition and operational simplicity that can help bridge the gap that currently exists in the market, especially for medium-sized pension schemes. 

Peter Smith, Head of Investment at TPT Investment Management, comments: 

“We are thrilled to launch our new fiduciary management service. Our new offering will provide trustees with access to a best-in-class pension scheme investment management capability. This aims to provide better value to the schemes, incorporates the highest levels of stewardship and, ultimately, is set up to deliver better outcomes for members. Our distinctive ownership model allows our fiduciary management services to stand out from others in the market, providing value, operational simplicity, and the ability to invest as scale in private markets."

Notes to Editors:

TPT Retirement Solutions (TPT) is one of the UK’s leading providers of workplace pensions with over 75 years’ experience of managing defined benefit and defined contribution pension schemes. It has £9.6 billion of assets under management (as at 30 September 2023) and more than 450,000 members.

TPT’s mission is to make pension schemes perform better for everyone, from the sponsoring employers and trustees to the members who are saving for the future. It is an innovative, forward-thinking organisation, investing in technology to improve the services they provide. TPT is ultimately owned by a pension fund, providing genuine alignment of interests with those of its clients and scheme members.

TPT Retirement Solutions Limited is wholly owned by Verity Trustees Limited in its capacity as trustee of The Pensions Trust. TPT Retirement Solutions Limited provides pension management and administration services to UK pension schemes.

TPT Investment Management Limited is a wholly owned subsidiary of TPT Retirement Solutions Limited. TPT Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FCA) and provides investment management and consultancy services to UK pension schemes.

Registered address: Verity House, 6 Canal Wharf, Leeds LS11 5BQ.