Running a Defined Benefit (DB) pension scheme is a complex and time-consuming process. Instead of spending time thinking about how to grow and prosper their business, Finance Directors are dedicating large chunks of time and money to a historic problem. There is a better way. Schemes are increasingly turning to a more efficient option - "DB Consolidation”.
TPT recently held an event at The Shard, to give the complete picture of DB pension scheme consolidation. Broadcaster Andrew Marr and economist Dr Andrew Sentance, CBE spoke about the current economic and political outlook, including the impact on business and pension schemes in the UK. TPT's Mike Ramsay and Adrian Cooper both focused on how DB consolidation looks set to transform the UK pensions landscape, and how TPT can provide 'The DB Complete Solution'.
Professionals that run and manage a Defined Benefit pension scheme know from the DWP's white paper, 'Protecting Defined Benefit Pension Schemes', that it believes some pension schemes - smaller and medium-sized ones in particular - could benefit from consolidation.
More and more DB schemes are opting to consolidate to drive down costs and drive up efficiency. But what does consolidation look like in practice?
TPT Retirement Solutions has over £10 billion of assets under management, and is an award-winning Defined Benefit (DB) Master Trust managing 44 pension schemes for over 2,600 employers and 300,000 members. Employers have been trusting us with their pension arrangements for over 70 years and as a not-for-profit organisation with no shareholders, any surplus we make can be used to reduce costs and improve service.
To see the 'DB Complete Picture', you need the DB Complete solution. TPT's DB Complete is a full-service package for Defined Benefit schemes. It provides total reassurance for time poor FDs, Pension Managers and others who are involved in running the DB scheme. Best-in-class trusteeship, administration, investment, actuarial, legal, covenant and communications services are all housed under the one roof with DB Complete, making the process of running a DB scheme more efficient.
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