Pension investments

Our investments

Providing best-in-class, cost-efficient investment solutions for Defined Benefit and Defined Contribution pension schemes.



Welcome to TPT Retirement Solutions' investment page. Here you can find out more about how we invest, our Defined Benefit investments, Defined Contribution investments, and our investment beliefs.

TPT’s Investment service provides best-in-class, cost-efficient investment solutions through:

- a clear governance framework;
- investment strategy setting and design;
- dynamic asset allocation using leading investment managers; and
- transparent reporting to all stakeholders.

We have more than £9 billion in assets under management, split between our Defined Benefit and Defined Contribution pension schemes. 


Governance

The Trustee's Statement of Investment Principles (SIP) and its Investment Beliefs provide a decision making framework, incorporating both TPT's long-term investment philosophy and its commitment to Responsible Investment



Investment Beliefs

Our beliefs

Statement of Investment Principles

Our principles


Our team

Our Investment Team is based at our London office and is led by our Chief Investment Officer, Cliff Speed. The Investment Team develops and oversees our investment strategy, which is set by the Investment Committee, a sub committee of the Trustee Board.

The Investment Committee agrees the overall asset allocation and works with the Investment Team to oversee the selection and monitoring of TPT's external Investment Managers.  

Below, Cliff tells Professional Pensions how we manage investments, where we're heading in 2017/18 and our holistic approach to risk.


How we invest

Our aim is to provide best-in-class, cost-efficient investments for our existing and future employers and individual members. To do this, it's essential that we manage risk effectively and deliver strong returns.

Our Investment Team works with TPT's Investment Committee and Investment Managers to make investment decisions, delivering our investment strategy. We have more than £9 billion in assets under management, split between our Defined Benefit (DB) and Defined Contribution (DC) pension schemes. 


Cliff Speed - Pension Influencers

TPT delegates day to day investment activities to third party fund managers. We appoint them using a thorough selection process to ensure that they are aligned with our investment beliefs and policies.

Some of the key attributes that we look for include:

  • a long-term mind-set;
  • appropriate remuneration structures;
  • robust risk management; and
  • integration of environmental, social and governance (ESG) factors into their decision-making process. 

We carry out detailed operational and legal due diligence and monitor managers regularly to ensure that they continue to meet our expectations. 

Our Asset Managers are:

  • Aberdeen Standard Investments
  • AllianceBernstein
  • Ashmore
  • ASI
  • AXA
  • BlackRock
  • CBRE
  • CFM
  • Chorus Capital
  • CRC
  • First State
  • Hayfin
  • IFM
  • InfraRed
  • Invesco Perpetual
  • King Street 
  • L&G Investment Management
  • LGIM
  • M&G
  • Marathon
  • Meridiam
  • Mesirow
  • Nephila
  • Ownership Capital
  • RLAM
  • Ruffer
  • Russell
  • Sands Capital


Defined Benefit investments

There are more than 40 schemes that provide Defined Benefits (DB) within TPT's Master Trust structure, each of which has its own funding and investment strategy. This strategy, set by the Funding Committee, determines the balance of growth versus liability-matching assets. 

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We use external Investment Managers across a range of asset classes and investment styles to implement the investment strategy and we are focused on appointing managers that are aligned with our Investment Beliefs and Responsible Investment Policy.

Since 2010, TPT has been substantially improving the investment strategy in DB by diversifying the range of asset classes we invest in. This helps us to better manage risk and enhance returns.

In 2017, we continued to strategically reduce our exposure to equities in favour of housing more diversified sources of return. The liability matching assets are invested across gilts, Liability Driven Investment (LDI) funds and corporate bonds.  

The growth portfolio is invested in global equities plus a range of alternative assets classes and strategies, which we categorise into five-portfolios.

Defined Contribution investments

We have a number of options available for members investing their DC pension with us. Our default option for Defined Contribution (DC) members who want to delegate their investment decisions to an Investment Manager is a Target Date Fund (TDF). We have two Target Date Funds (TDFs), a default fund and an ethical fund.

Each Target Date Fund option provides a 'glide path' to retirement, aiming for fund growth in the earlier years and moving to more conservative asset allocations in the run up to the 'target date', or planned retirement date. Over the life of the fund, the manager's aim is to outperform inflation so that the fund grows in real terms, and to avoid high levels of risk as the member approaches retirement. 

We also have a range of Self-Select funds for our members who want to be more involved in the allocation of their money. We have eight alternative funds, each carefully selected and monitored. These 'self-select' options include global equity, property, bond and cash funds, in addition to ethical funds. 


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Investment updates

You can find out more about our recent investment performance and strategy in our quarterly issues of Investment News.

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DC fund factsheets

Find out more about our Defined Contribution funds and how they are invested.

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Responsible Investment

Find out more about how TPT Retirement Solutions invests responsibly, affiliations and climate change.

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