Regulator gives green light to TPT to launch superfund

The company, which has also applied for regulatory clearance for a collective defined contribution fund, said in a statement that its planned superfund has successfully passed the regulator’s assessment process.

Clearance means TPT can begin marketing its new offering and bringing on new clients. It has secured investment capital to back between £1bn and £1.5bn worth of transactions, and said it was already in discussions with “a growing number of schemes”.

The TPT Superfund is designed to target run-on, with the aim of generating a surplus that can be used to share surplus with members. This is a different approach to that of Clara-Pensions, the only other superfund currently operational, which operates as a ‘bridge to buyout’.

TPT has been building towards a superfund offering since last year, and in November appointed a four-strong board of professional trustees to oversee its development.

Nadeem Ladha, partner at Aretas Trustees, chairs the board, alongside Rekha Owen of Law Debenture, Huw Evans of Bestrustees, and Kate Grant of Capital Cranfield.

Ladha said the Pensions Regulator’s assessment process was “rigorous and robust”, adding: “Our focus now, as trustees, is on the future and, above all, on members. We look forward to working with TPT to provide a secure long-term home for DB pension schemes, while giving members the opportunity to share in the value created over time.”

David Lane, chief executive officer at TPT Retirement Solutions, said: “This is a landmark moment for TPT and one of the most significant milestones in our history. Achieving a successful outcome through the Pensions Regulator’s assessment process enables us to bring an innovative new superfund to the market, expanding choice for trustees and sponsors.

“We are incredibly proud of the proposition we’ve built and the opportunity it creates to deliver long-term security and value for members.”