Important Information About TPT Retirement Solutions and FSCS
TPT Retirement Solutions wants to ensure that members who invest their money in our Defined Contribution Pension Schemes feel confident that their money is safe and secure. Therefore we have spent some time recently reviewing all of our processes and the protections that are in place to safeguard your pension.
The first step that we take before we work with any external partner or adviser (such as bank or an investment manager) is to carry out ‘due diligence’. This means that we investigate who we might be working with to ensure that they meet our high standards of care. Our investment managers make full use of custodians – financial institutions to hold assets to minimise the risk of theft or loss and we only deal with reputable firms who are regulated by an appropriate body such as the FCA (Financial Conduct Authority).
We have been investigating the financial protection available to our members from the FSCS (Financial Services Compensation Scheme), in the event of the collapse of a financial institution that manages or holds assets on behalf of TPT. However, owing to the complicated structure of the Scheme and the rules around who may be able to claim, this project is ongoing. This lack of clarity is an issue faced by many Pension Scheme Trustees and is the subject of significant scrutiny by the press and the industry as a whole. We will continue to pursue the FSCS and the FCA for answers and we will keep our members and employers updated as and when further details are known.