TPT Retirement Solutions has transferred members from the £30m Hinckley & Rugby Building Society's defined benefit (DB) pension scheme.
The consolidation - announced 3 May - saw 115 deferred members and 90 pensioner members across seven branches transferred to TPT's DB Complete, following the closure of the scheme to accrual in 2010.
TPT chief executive Mike Ramsey said, as a not-for-profit, "we share the values, culture and ethos of the society and look forward to a long-lasting successful partnership".
He added: "We are in talks with a number of other schemes who are close to consolidating through our DB master trust and will provide further announcements in due course."
According to TPT, the scheme and its governance is an "important issue" for the society, which wants to ensure that the scheme remains well run for the benefit of its members.
Hinckley & Rugby Building Society chief financial officer Andrew Payton added: "The society has reduced scheme running costs, strengthened governance, has access to more sophisticated and diversified assets due to the £9bn of DB assets TPT has under management and most importantly, ensured our members will continue to be well looked after.
"I suspect that many more schemes will follow our example as the benefits of this type of consolidation will be compelling for most schemes with less than £1bn [of assets] under management."
The news follows a recent Barnett Waddingham survey of 250 £1bn-plus DB schemes which found just 52% remained open to future accrual as at 30 September 2018, highlighting that the ultimate target for DB schemes will be buyout or consolidation.
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