Based in Leeds, TPT Retirement Solutions are one of the UK’s leading providers of workplace pensions. With over 70 years’ experience and assets exceeding £12 billion, employers have trusted the firm with their pensions from the beginning. Following on from his success, we caught up with CEO Mike Ramsey to find out more.
Founded in 1946 as the Social Workers Pension Fund, TPT was established by the National Council for Voluntary Organisations, providing a solution for social workers who were not eligible for public sector pensions. In 1947, TPT had 271 members and net assets worth £5,506. Since the beginning, the firm’s mission has been to make membership worthwhile, with their core values being at the heart of everything. To start, Mike offers more insight into some of the firm’s specialisms and its client base.
“As an award-winning provider of workplace pension schemes, we typically specialise in Defined Benefit (final salary) pension schemes. With over 350,000 members and no shareholders, we work on behalf of 2,600 employers.
“Over the last five years since being appointed Chief Executive, we have created a new vision for the company, which was designed to take TPT forward to a whole new level. In 2014, TPT had been established for almost 70 years, serving the pension needs of the voluntary sector with assets of just under £7 billion, possessing 200,000 members. Since then from being hardly known in the rest of the pensions world, the company has broken out of the non-profit sector and engaged with schemes across the whole spectrum of the DB pension market, challenging the giants of the industry and taking TPT’s innovative solutions into the backyard of the pension behemoths.
“Since 2017 with the launch of DB Complete (a full-service solution for DB pension schemes), TPT has increased its asset under management to £12 billion and membership to over 350,000. Currently, we are in discussions with more than 20 other DB pension schemes considering joining our DB Master Trust. The schemes represent more than £2.5 billion in assets and some 20,000 plus members, from industry sectors such as manufacturing, logistics, hospitality and retail.”
As a company, TPT are committed to delivering the highest standards of customer service for their employer customers and scheme members. Moreover, as Mike goes on to explain, the firm’s values help drive service excellence from each of its staff members. “Our employees are able to thrive in a positive working environment underpinned by five core values – commitment, integrity, customer focus, cost effectiveness and innovation. Moreover, regular town halls, briefing sessions and internal communications help staff understand the business strategy, challenges and competitor landscape and the part they can play in helping our customers. A key feature of the program are monthly departmental meetings with Directors. These meetings give staff the chance to share ideas to ensure quality and continuous improvement remain at the forefront.”
Heavily involving its team members in the day-to-day operations of the business has been a key focus for TPT over the last 24 months, and as Mike goes on to explain, that is one of the reasons why staff motivation has been so high.
“Our people are technical experts, highly trained and proactively contribute the development of business and service we offer. Our people are the key to our success. With regular business wide employee workshops to ensure all are aware of evolving regulatory standards, business priorities and products, we are able to remain at the forefront of the industry. Via our cross functional approach, we continually assess the current state and the steps needed to improve the business. This has resulted in substantial improvements in both our employees and customer satisfaction levels.”
Finally, Mike comments on the future of TPT and offers more insight into some of the firms plans moving forward.
“TPT plans to grow significantly over the next few years. We cannot afford to be complacent or rest on our laurels. It’s a competitive world, becoming more highly regulated with increasing customer expectations. TPT religiously focusses on investing its products, people and services to remain a market leader in the workplace pensions sector and make membership worthwhile for its customers.
“In conclusion, TPT is an ambitious company in a growing market with a highly engaged work force. We continue to invest in our people, strengthen our teams and improve our proposition, whilst staying abreast of industry trends and changes. I am sure the next five years will be just as interesting and rewarding as the past five years!”
TPT Retirement Solutions
Telephone: 0345 123 6660
Web Address: https://www.tpt.org.uk/