The Family Building Society’s 250-member defined benefit (DB) scheme has transferred into TPT Retirement Solutions’ master trust, DB Complete.
The £30m scheme has 250 members, of whom 66 are currently active in a cash balance section.
TPT chief executive Mike Ramsey said the increasing momentum towards consolidation highlighted its benefits.
"The current economic situation has brought the benefits to the fore," he said. "In choosing to consolidate with TPT companies can be safe in the knowledge that their schemes are receiving the care and attention they require."
Family Building Society finance director Andrew Barnard added: "The society 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 crisis has accelerated some of the improvements we had planned. Collaborating with TPT reduces risk, creates a more robust scheme for our members and the society, and helps improve our capital position."
A second employer has been appointed to stabilise the National Institute of Agricultural Botany (NIAB) pension scheme after intervention from The Pensions Regulator (TPR) when trustees failed to agree a valuation in 2015.
UK defined benefit (DB) schemes lose up to £250m a year due to less tax-efficient funds, according to research by the Asset Management Exchange (AMX) and Northern Trust.
One-in-ten defined benefit (DB) schemes have already discussed the option of superfund consolidation as a target endgame while a further 9% are planning to do so shortly, according to Willis Towers Watson (WTW).
Consultants, trade bodies, and professional societies across the pensions industry have responded relatively positively to guidance from The Pensions Regulator (TPR) that has today signalled a clear start for defined benefit (DB) scheme consolidation...
Defined benefit (DB) scheme consolidators The Pensions Superfund and Clara Pensions are both set to begin transacting as soon as possible after new guidance for their operations was issued by The Pensions Regulator (TPR).