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Mar 21, 2022

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Tontine Trust joins Transfers & Re-Registration Initiative

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.

Dean McClelland

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Full Press Release from Criterion here:

Tontine Trust joins STAR | 03 DECEMBER 2020 | Pan-European pensions and CDC platform Tontine Trust 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” Tontine Trust has now joined the initiative. Tontine Trust 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, Tontine Trust’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 Tontine Trust 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

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© 2024 Tontine Trust Advisors LLC ('Tontine Trust'). All rights reserved.

Tontine Trust is a fintech enabling consumer-friendly lifetime income retirement products such as the state of the art TontineIRA™ via banks, chartered trust companies and credit unions (each a ‘Bank’).

Banking, trustee and fiduciary services in the US are provided by partner Banks which are regulated in the US to act as fiduciaries on behalf of US Tontine IRA™ accountholders (‘members’).

Tontine Trust provides and operates the TontineIRA™ administration and record-keeping platform on behalf of and under the supervision of the Banks.

Tontine Trust is not a Bank or a trust company and does not provide banking & fiduciary services other than certain administrative services in a ministerial capacity as the Trust Advisors to the Tontine IRA™s.

No information on this website or the platforms provided by Tontine Trust should be taken as constituting individual advice to you. The information is informational and of general guidance only. Tontine Trust does not provide investment management services, financial advice, banking or fiduciary services.

The choices you make or do not make around the investment of your retirement account are your own responsibility.‍ Neither Tontine Trust nor the Banks can be held responsible for any financial loss arising from your retirement choices or lack of them.

The amounts and duration of the lifetime income from the Tontine IRA™ are indicative only. By design, neither the amounts nor the duration of retirement income payments from a tontine plan are fixed or guaranteed.

Based upon many years of research and development, the TontineIRA™ platform displays reasonable best estimates of what level of income you can expect to receive over the course of your lifetime. These estimates are constantly reviewed (sometimes nightly) to incorporate any effects on expected incomes caused by changes in interest rates, investment returns, life expectancy and/or the actual mortality experience of members sharing the same tontine.

The Banks we work with are required to manage US trust assets in accordance with the Uniform Prudent Investor Act.‍

To ensure maximum security of capital and income for members, the Tontine IRA™ assets will be invested by the Banks in a basket of FDIC insured deposits such that each up Tontine IRA™ account can obtain FDIC coverage up to approximately $10m of assets per member.

Note that while the deposits made on behalf of the Tontine IRA™s are FDIC insured, the IRA accounts themselves are not a deposit or other obligation of, or guaranteed by a Bank or state chartered trust company and are not directly insured by the FDIC. Therefore they should be considered as being subject to investment risks, including a possible loss on the principal amount invested, for example when a member passes away before they have received total income in excess of their original contribution to the TontineIRA™.