Family Building Society DB scheme moves into TPT master trust
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."
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