Pan-European pensions and CDC platform TontineTrust joins the STAR Transfers & Re-Registration Initiative

Pan-European pensions and CDC platform TontineTrust joins the STAR Transfers & Re-Registration Initiative

Full Press Release from Criterion here:

TontineTrust joins STAR | 03 DECEMBER 2020 | Pan-European pensions and CDC platform TontineTrust joins the STAR Transfers & Re-Registration Initiative

The STAR initiative, created as a collaboration between Criterion and TeX, is the only cross-industry solution that brings together platforms, ISA managers, pension companies, asset managers and transfer agents to put in place service level agreements that facilitate quick, efficient and predictable pension transfers and re-registration.

Irish “Retiretech” TontineTrust has now joined the initiative. TontineTrust is an award-winning fintech/fiduciary organisation that is building a platform for issuing and operating tontine-style Pan-European Personal Pensions (PEPPs) and Collective Defined Contribution (CDC) pension schemes. Backed by Enterprise Ireland, the firm employs 20 people and is already setting new standards for pension excellence amongst savers by using state-of-the art technology to enable simple, safe, low-fee lifetime income solutions.

Richard Kent, Head of Governance at TontineTrust, commented:

"We are delighted to support the STAR initiative, which demonstrates our commitment to consumers and industry stakeholders. Not only will it be a vehicle to showcase performance, but will also reduce complaints, queries, referrals and additional work, which will assist in eliminating levels of additional administration and associated costs."

Dean McClelland, TontineTrust’s founder, added:

“In the past, the way incumbents retained customers was to make it too much trouble for them to leave. In the digital world, you focus on consumer needs and enable them to judge your product on its own merits. The sign of a great digital product provider is that they make it easy to leave but then double-down on improving their product and consumer experience so that you will never actually want to. Our philosophy is to offer the ‘perfect’ pension product at a very low cost and then to work continuously to make it better and better. Making it easy for consumers to move to or from our platform is part of our duty to members of our schemes. It’s also good business sense”.

Andrew Marker, Chair of the STAR Steering Group and Head of Retail Pension, Vanguard Asset Management Limited said:

“We are delighted that TontineTrust has shown their support for STAR which continues to grow. The initiative has galvanised the industry to create long-term solutions to improve the customer experience of transferring pensions, savings and investments between companies, by setting transfer targets, measuring each firm’s performance against a good practice framework, accrediting firms and publishing results.

“STAR aims to become the single, authoritative source of transfer data on how firms are performing. It will publish a quarterly industry index to help industry participants benchmark their own performance and provide transparency for consumers. This will work hand-in-hand with an annual accreditation scheme of bronze, silver and gold, so that performance can be evidenced, rewarded and improvements encouraged.”

During September, platforms – Aegon, Fidelity, Hargreaves Lansdown and Standard Life – contacted their fund groups requesting they support the STAR Transfers & Re-Registration initiative.

For further information please contact Rob Kingsbury Director KGR Media Services Limited 07900 931 305 robkingsbury@kgrms.co.uk

Matt Dransfield Commercial and Marketing Director Criterion 0773 765 0010 matthew.dransfield@criterion.org.uk

Ahead of our upcoming launch of CDC & PEPP Pensions, we are delighted to announce that we have signed up for the FCA endorsed STAR Initiative.

STAR was created as a collaboration between Criterion and TeX to deliver a cross-industry framework which facilitates efficient transfers & re-registrations of consumer’s investments & pension assets from one institution to another.

Other members of the STAR Consortium include: Aegon, Aviva, AXA, Barclays, Fidelity, First State, HSBC, Invesco, JP Morgan, Jupiter, Legal & General, Mercer, Northern Trust, Old Mutual Wealth, Prudential, Royal London, Scottish Widows, Schroders, Standard Life Aberdeen, T. Rowe Price, UBS, Vanguard, Willis Towers Watson, Zurich Life.

, by Dean McClelland
© 2021 Tontine Trust Retirement Technologies Limited ('TTRT'), Tontine Pensions Administration Platform Limited ('TontineTrust') and Tontine Pension Trustees Designated Activity Company ('TontineTrustees'). All rights reserved.

The information in this site is informational and of general guidance only. Nothing in this website should be taken as constituting individual advice to you. The choices you make, or do not make, around the investment of your retirement account are your own responsibility.

Neither TontineTrust nor TontineTrustees can be held responsible for any financial loss arising from your investment choices or lack of them. Values can fall as well as rise whatever type of pension is chosen and no particular level of retirement benefit from a pension can be guaranteed.

TontineTrust is building a platform which supports the issuance of risk sharing lifetime income products such as tontine pensions. TontineTrustees is a Designated Activity Company operating as a Pensions Institution engaged in the business of granting lifetime income pensions linked to human life. It's first pension when launched will also seek approval to be classified as one of Europe's first Pan-European Personal Pension Products or 'PEPPs'.

PEPPs are a new generation of personal pension products which comply with the European Union’s latest regulations creating the gold standard of personal pension product design in terms of value for money, transparency and governance. Once TontineTrustees's pension product completes it's registrations, it will be launched on the TontineTrust platform with the support of best of breed investment service providers with the aim to be available in 27 countries by the end of 2022. Neither TontineTrust, TontineTrustees nor TTRT offer or provide investment services.

Certain activities carried out by TontineTrust will be subject to the supervision of the Pensions Authority. Such activities include acting as a Registered Administrator for occupational pension schemes and group personal pensions. As these services are not regulated by the Central Bank of Ireland they are not covered by the Investor Compensation Scheme.