TPT Retirement Solutions has transferred members from Hinckley & Rugby Building Society’s defined benefit pension scheme to its master trust, as further deals are in the pipeline.
The consolidation of the £30m DB scheme saw 115 deferred scheme members and 90 pension members across seven branches transferred to TPT’s DB Complete master trust arrangement.
Andrew Payton, chief financial officer at Hinckley & Rugby Building Society, said: "TPT’s DB master trust provides a full service package for a DB pension scheme including trusteeship, administration, investment services, covenant, legal and actuarial.
"The society has reduced scheme running costs, strengthened governance, has access to more sophisticated and diversified assets due to the £9bn of DB assets TPT has under management and most importantly, ensured our members will continue to be well looked after."
Mr Payton said many other schemes would undergo this type of consolidation from DB scheme to master trust, adding "the benefits of this type of consolidation will be compelling for most schemes with less than £1bn under management".
Mike Ramsey, chief executive at TPT Retirement Solutions, added: "We are in talks with a number of other schemes who are close to consolidating through our DB master trust and will provide further announcements in due course."
Hinckley & Rugby Building Society is based in Hinckley, with origins dating back to 1861. The organisation employs 133 people across its head office and seven branches.
DB consolidation has also been on the government's agenda, as it has plans to promote consolidation in the market, in which two thirds of the 5,600 schemes have funding shortfalls.
According to research from Hymans Robertson, DB consolidators The Pension Superfund and Clara Pensions have a joint pipeline of deals worth £20bn and have seen a sharp rise in market interest since they launched in 2018.
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