Family Building Society has completed a pension transfer to its Defined Benefit (DB) Complete Master Trust, from its previous DB scheme.
The £30 million scheme, successfully agreed with TPT Retirement Solutions, will bring its 350 members onto the scheme, with 66 currently active in a cash balance section.
The move is another example of the increasing momentum towards DB consolidation through DB Master Trusts and highlights the benefits of consolidation.
Andrew Barnard, finance director at Family Building Society, said: “We are delighted to have transferred our scheme to TPT’s DB Master Trust and take advantage of the benefits that this structure offers.
We consider ourselves a forward thinking organisation and TPT Retirement Solutions’ modern approach to running DB schemes is a great fit with our own culture. The organisation has significantly reduced scheme running costs, strengthened governance and has allowed access to more sophisticated and diversified investments, and importantly, ensures members of the scheme will receive an even better service.
The ongoing Covid-19 (Coronavirus) crisis has accelerated some of the improvements we had planned. Collaborating with TPT Retirement Solutions reduces risk, creates a more robust scheme for our members and the Society, and helps improve our capital position.”
Vicki Webb, director of HR at Family Building Society added: “The process of adding our scheme to the DB Master Trust was straightforward, and a great introduction to TPT Retirement Solutions’ culture and focus on providing a quality service to the business and the members of the scheme. Feedback from members on their experience so far has been very positive.”