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TPT appoints independent advisers to DB superfund

Gowling WLG will handle legal advice, Mercer is named scheme actuary, while LCP will take care of independent investment oversight and EY is risk adviser.

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TPT’s Superfund Trustee Board has brought in four independent advisers for its new defined benefit (DB) superfund. 

Gowling WLG will handle legal advice, Mercer is named scheme actuary, while LCP will take care of independent investment oversight and EY is risk adviser.

Jason Coates, partner at Gowling WLG, said: “We’re proud to have been selected to support the trustee board through the launch of this innovative superfund with TPT Retirement Solutions. 

“This is a significant development in the UK pensions landscape. 

“TPT’s run-on superfund model provides a compelling alternative for sponsors and trustees who want to secure member benefits and ensure robust governance, whilst also preserving the possibility of upside for members.”

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Mercer, part of Marsh McLennan, is set to manage actuarial duties. 

Michael Kelly, funding and benefits partner at Mercer, said: “We are delighted to have secured this appointment. 

“We are looking forward to continuing to work with TPT and the superfund trustee board to deliver a comprehensive service to this innovative industry development.”

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LCP, which will oversee investments, has experience in pensions, insurance, energy and analytics. 

James Fermont at LCP said: “The unique investment requirements for a DB superfund designed for run-on are complex. 

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“We look forward to working with the superfund trustee board alongside TPT’s investment team to deliver an investment strategy that supports its members and delivers a first-class product for savers.”

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EY joins as risk adviser. 

Jane Evans at EY said: “We are delighted to support the trustee board of TPT’s superfund in bringing the new superfund to market. 

“Our knowledge of the UK regulatory landscape and how to manage change will be highly valuable to the trustee board as TPT introduces this innovative solution to a fast-moving, ever evolving and often volatile marketplace.”

TPT’s run-on superfund aims to boost its range of endgame solutions for employers and trustees. 

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Research found four in five UK DB schemes were in surplus, with aggregate funding levels at 120% on a technical provisions basis.

TPT’s recent activity included a plan to launch a multi-employer collective defined contribution (DC) proposition and a DC income-for-life product. 

Pending regulatory authorisations, TPT will run six consolidation vehicles.

Nadeem Ladha, chair of TPT’s Superfund Trustee Board, said: “I am pleased the board is partnering with four market-leading service providers to support the trustees in ensuring the superfund offers a market leading product for members, and ceding employers and trustees alike. 

“This will ensure we are able to both collaborate with and challenge TPT appropriately.”

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Nicholas Clapp, chief commercial officer at TPT Retirement Solutions, said: “At TPT, we believe consolidation vehicles can fundamentally generate better outcomes for members. 

“Our superfund will benefit from economies of scale and, with the support of these best-in-class advisers, can achieve value for money and support our ambition to make pension schemes perform better for everyone.”

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