UK’s second largest Building Society transfers DB scheme to TPT’s DB Master Trust

News | Updated: 04.06.19 Share this:
TPT Retirement Solutions

Coventry Building Society, the UK’s second largest building society, has transferred its £220m DB scheme, which has c1,800 members including more than 600 pensioners, to TPT Retirement Solutions’ DB Master Trust.

Michele Faull, Chief Financial Officer at the Coventry said:

 TPT’s DB Master Trust provides a full service package for a DB scheme including trusteeship, administration, covenant, legal, actuarial and investment services.

 The transfer will protect our members by securing the scheme’s governance into the future, gain access to a more diversified range of assets through the £9bn of DB assets that TPT has under management and reduce running costs significantly. These savings will be re-invested in the scheme to achieve our objective of self-sufficiency in a highly cost effective manner.

Mike Ramsey, CEO at TPT Retirement Solutions added:

 We are very pleased to welcome the Coventry DB scheme and its members to TPT. The Coventry is a very well run, prestigious Building Society with a culture of putting the customer first and like the Coventry, TPT as a not for profit organisation, is able to put the customer at the centre of everything it does.

 There is a rapidly growing awareness amongst both employers and trustees of the benefits to be gained from consolidating through a DB Master Trust. We have a number of other schemes looking to join TPT and expect to make more announcements shortly.

Related news & insights

In February's issue of Social Housing, TPT's Head of Professional Services, Andy O'Regan discusses how TPT's innovative approach to SHPS and SHAPS financial accounting has moved this year.
TPT Retirement Solutions
https://www.tpt.org.uk/Sitefinity/WebsiteTemplates/PensionsDefault/App_Themes/PensionsDefault/images/logo.png
Read More
Medicash has transferred its £20m DB scheme, which has c.174 members, to TPT Retirement Solutions DB Master Trust.
TPT Retirement Solutions
https://www.tpt.org.uk/Sitefinity/WebsiteTemplates/PensionsDefault/App_Themes/PensionsDefault/images/logo.png
Read More
Our latest blog looks at why Defined Benefit (DB) pension schemes – smaller and medium-sized ones in particular – could benefit from consolidation.
TPT Retirement Solutions
https://www.tpt.org.uk/Sitefinity/WebsiteTemplates/PensionsDefault/App_Themes/PensionsDefault/images/logo.png
Read More