Deloitte and TPT first DB master trusts to complete self-certification

Two UK pension schemes, the Deloitte Pensions Master Plan (DPMP) and the TPT Defined Benefit (DB) Master Trust, have completed their DB master trust self-certifications.

As reported by our sister title, Pensions Age, the self-certification regime, which is hosted by the UK's Pensions and Lifetime Savings Association (PLSA), was launched in October 2021.

The DPMP, provided by Deloitte, and the TPT DB Master Trust, provided by TPT Retirement Solutions, are the first DB master trusts to complete the association’s self-certification regime.

Designed by a Department for Work and Pensions (DWP)-led industry working group, the templates enable DB master trusts to provide information on their structure and how they operate.

The PLSA has issued guidance to schemes wishing to complete the self-certification process, although it clarified that whilst self-certificates provide useful information about the DB master trust, they are not an assessment of the quality of the scheme.

The concept for a self-certification regime was first raised in the DWP’s DB White Paper in 2018, with Pensions Minister, Guy Opperman, confirming the proposals would be taken forward at the PLSA Annual Conference.

Commenting on its completion of the self-certification, Deloitte UK pension business head, Mark McClintock, said: “We are really pleased to have published the self-certificate for the DPMP, which is helping companies to reduce their pension costs.

“The design and build of the Master Plan was funded by Deloitte’s innovation programme, and our DB master trust has now grown to in excess of £1bn of assets.”

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