Formerly known as The Pension Trust, TPT Retirement Solutions has been running pension schemes for over 70 years. The Pensions Trust was founded in 1946 as the Social Workers Pension Fund, established by the National Council for Voluntary Organisations for social workers who were not eligible for public sector pensions. With a strong footprint in the charities and voluntary organisations sector, the not-for-profit-run scheme currently has 165,000 active members and holds over £850m of assets in the default.
The default, which is an AllianceBernstein target date fund administered by Phoenix Life, operates an aggressive/ adventurous approach to growth for younger savers, with 90 per cent of assets placed in UK and overseas equities and a further 8 per cent in property, which has not surprisingly translated through to strong returns through the positive markets of recent years. It achieved 9.11 per cent annualised returns for five years over the sample period, although it did not supply us with figures for the risk taken to achieve that.