Mandats représentatifs
Pensions team advises trustee board of TPT Superfund on regulatory assessment
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Our Pensions team has advised the trustee board of the TPT Superfund as it successfully completed The Pensions Regulator's assessment process, enabling the superfund to enter the market and progress its first transactions.
The successful outcome marks a significant milestone for the TPT Superfund, demonstrating that the proposition has met the regulatory requirements designed to protect the security of members' benefits and support effective governance. The superfund is designed to run on and use a longer-term and diversified investment approach to create additional value over time, the benefit of which is intended to be shared with members.
The TPT Superfund, the latest consolidator option from TPT Retirement Solutions, is a first of its kind innovation in the pensions market and demonstrates Gowling WLG's wide-ranging alternative end-game practice, incorporating all angles of end-game planning for our clients.
Gowling WLG advised the trustee board throughout the application and assessment process, working closely with TPT Retirement Solutions and its legal advisers, CMS.
The trustee board is chaired by Nadeem Ladha, Partner at Aretas Trustees, and also comprises Kate Grant of Capital Cranfield, Rekha Owen of Law Debenture and Huw Evans of BESTrustees.
Our team was led by Pensions Team Partners Jason Coates and Ben Goldby, with an expert team of pensions lawyers spearheaded by Sian Williams and supported by Sophia Hoondle and Emily Carrington and with input from pensions risk transfer expert Partner Christopher Stiles. A cross-firm effort also required significant input from banking and insolvency Partner Jasvir Jootla and regulatory expert Duncan Scott.
Ben Goldby said: "The successful assessment of the TPT Superfund is a landmark moment for the project and an important development for the UK pensions landscape. We are proud to have supported the trustee board through a rigorous regulatory process, helping bring an innovative new solution to the defined benefit end-game market."
The introduction of the new superfund expands the range of end-game options available to DB pension schemes and comes at a time of increasing interest in consolidation solutions across the pensions market. TPT has announced that it has secured capital to fund its first £1 billion to £1.5 billion of transactions and is in active discussions with prospective schemes.
Gowling WLG is recognised as one of the UK's leading pensions law practices, advising trustees, employers, providers and insurers on complex and strategically important pensions matters. The team has extensive experience across pension scheme governance, funding, investment, risk transfer, consolidation and regulatory developments, supporting clients through an evolving pensions landscape
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