Squire Patton Boggs has advised TPT Retirement Solutions (TPT), one of the UK’s leading workplace pensions providers, on its creation of a multi-employer Collective Defined Contribution (CDC) pension scheme for which an application for authorisation to launch has been submitted to The Pensions Regulator.
Subject to regulatory approval, the TPT Collective Pension Scheme aims to be the UK’s first open-market collective pension scheme, designed to be available to employers of different sizes and across a range of sectors, with six distinct consolidation vehicles intended to be available to employers. This approach would set TPT apart in the market and reinforce its position at the forefront of pension innovation.
The Squire Patton Boggs team advising TPT was led by Pensions Partners Kate Bailey and Wendy Hunter with significant support from Director Alexandra Heggie.
Paul Eagles, Head of CDC at TPT Retirement Solutions, said: “Submitting our application is a significant milestone and the culmination of a detailed and rigorous process. Given the innovative nature of multi-employer CDC, it is right that the authorisation process demands a high level of due diligence and detail to ensure schemes are robustly designed and focused on delivering good outcomes for members.
“Squires Patton Boggs has been an important partner throughout that process. We are grateful for the depth of expertise, challenge and support the team have brought as we have developed our proposition and prepared our application.”
Wendy Hunter commented: “We are delighted to have supported TPT on this landmark whole-of-life CDC scheme. The next generation of pension schemes are changing the industry, offering enhanced certainty for employers and for members a more predictable retirement outcome. Our UK pensions practice has long been at the cutting-edge of innovation and change in the sector, more recently advising the trustee of the UK's first CDC plan from the outset.”
The firm’s Pensions Practice previously advised the Trustee UK's first single employer CDC scheme, the Royal Mail Collective Pension Plan, in 2024.
