TPT Retirement Solutions has appointed an independent trustee board for its planned defined benefit superfund, marking the next stage in the provider’s push to offer schemes an alternative to buyout.
The new board will be chaired by Nadeem Ladha, partner and professional trustee at Aretas Trustees, who is also a qualified actuary. He will be joined by Rekha Owen of Law Debenture, Huw Evans of Bestrustees, and Kate Grant of Capital Cranfield.
TPT said the appointments represented “an important step” ahead of the Pensions Regulator’s assessment of its superfund proposition. The Leeds-based provider unveiled plans last month for a run-on vehicle designed to support schemes that fall short of full funding on a buyout basis.
Ladha said: “I, along with the rest of the board, think there is a real opportunity here to do something that’s innovative and which ultimately holds the best interests of members at its heart.”
Nicholas Clapp, chief commercial officer at TPT, added: “I have every faith that this newly appointed board, with its breadth of knowledge, expertise and independent thinking, will prioritise members’ interests and achieve the best possible outcomes for them. It’s important to have the board in place now as we move into TPR assessment.”
TPT’s planned superfund comes as the Pension Schemes Bill is set to introduce a new framework for defined benefit superfunds, designed to facilitate the launch of more such vehicles.
In May, TPT announced its intention to develop a multi-employer collective defined contribution (CDC) proposition. It also recently launched a defined contribution income-for-life proposition.
If approved, the superfund will sit alongside these and TPT’s existing defined benefit and defined contribution master trusts, giving the organisation six distinct consolidation options.
