TPT has announced the launch of a new Defined Contribution (DC) decumulation solution designed to simplify and enhance retirement income planning for pension savers as they transition from saving to retirement.
A Managed Income for Life Approach
At the heart of the launch is a managed income for life proposition designed to offer a simple and cost-effective alternative for members who do not wish to manage investments, perform complex calculations or seek professional financial advice. The solution provides a guided route from pension accumulation to income withdrawal, allowing members to turn their pension savings into an inflation-linked income intended to last for life.
How the Solution Supports Members in Retirement
For members choosing the income for life option, TPT calculates and pays regular drawdown income, actively managing withdrawals to help ensure pension savings last throughout retirement. Income is designed to continue for a member’s lifetime up to age 95*, or until age 75 for those planning to purchase a guaranteed income, such as an annuity, later in life. Members can also adjust income levels and access capital flexibly as their circumstances change.
Responding to Low Confidence Among Pension Savers
The development of the solution was informed by TPT’s 2024 research, which showed that only 35% of pension savers felt confident making basic retirement decisions, including how to access their pension. Despite this lack of confidence, 79% said they did not intend to seek professional financial advice. The research also highlighted appetite for supported options, with 68% of respondents expressing interest in a default drawdown-style product.
Technology-Led Engagement and Planning Tools
The proposition is delivered through a modern technology platform that offers a best-in-class digital experience. Members have access to enhanced engagement tools, educational content and retirement planning support, aligned with the Pensions and Lifetime Savings Association’s (PLSA) Retirement Living Standards, helping them better understand their income needs and retirement options.
Part of a Broader Lifetime Income Framework
The new DC decumulation solution forms part of TPT’s wider retirement offering, sitting alongside its Defined Benefit (DB) arrangements and forthcoming Collective Defined Contribution (CDC) schemes. Together, these options provide employers and members with a comprehensive range of lifelong income solutions.
The launch also comes ahead of the Government’s expected Pensions Bill, which is anticipated to include requirements for DC schemes to introduce default decumulation solutions.
What TPT Leadership Says
Philip Smith, DC Director at TPT Retirement Solutions, said:
“We are really excited to bring this next-generation, groundbreaking income for life product to market. The lack of confidence among pension savers in making retirement decisions—coupled with an aversion to or the affordability of taking financial advice—creates significant risk for individuals’ financial futures.
Our new solution aims to bridge this gap. By offering a default pathway into drawdown, backed by digital tools and flexible options, we’re empowering members to make informed, confident decisions—without needing to become financial experts.”
David Lane, Chief Executive of TPT Retirement Solutions, said:
“Decumulation must become a central focus if we want to improve retirement outcomes. Our new DC solution provides a clearer, more flexible route to turning pension savings into income—one that helps members plan with confidence and adapt their income over time.
Importantly, it reflects our belief that retirement income should last for life, respond to inflation, and be easy to access without expensive advice. Innovation in this space is long overdue – we are thrilled to be at the cutting edge of this.”
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