The transfer was revealed yesterday and Medicash expects further consolidation in the sector.
Sue Weir, CEO of Medicash, said: “TPT’s DB Master Trust provides a full service package for a DB scheme including trusteeship, administration, covenant, legal, actuarial and investment services.
“The transfer will improve the security of our members benefits by enhancing the scheme’s governance, gain access to a more diversified range of assets through the £9bn of DB assets that TPT has under management, reduce running costs and ensure our members will continue to be well looked after.
Ms Weir added that “other DB schemes may follow Medicash and undergo this type of consolidation as the benefits of a DB Master Trust can be attractive for schemes with less than £1bn under management.”
Mike Ramsey, CEO at TPT Retirement Solutions, said: “We are very pleased to welcome the Medicash DB scheme and its members’ to TPT.
“Medicash is a long established financial mutual and like TPT has a culture of putting the customer at the centre of everything it does.
“There is a growing awareness amongst both employers and trustees of the benefits of a DB Master Trust to run their scheme.
“In the past year we have seen a wide variety of schemes transferring to TPT.
“Master Trusts offer a credible, proven and cost effective way to run DB schemes better.
“Looking forward many more are expected to join TPT as increasing regulation, complexity and the need to run schemes more effectively, encourage scheme sponsors and trustees to review the best way to deliver on their financial obligations to members.”