A Brief Overview of The People’s Pension Offerings

The People’s Pension is a well-established UK workplace pension provider, designed specifically to meet the needs of employers and employees in the era of auto-enrolment. Operated by B&CE, a not-for-profit organisation, The People’s Pension is tailored to suit businesses of all sizes, offering a straightforward, flexible, and affordable solution to help employees save for retirement.

The People’s Pension provides a master trust arrangement, meaning it is governed independently, ensuring strong oversight and transparency. The scheme is designed to comply with all legal requirements, making it easy for employers to meet their auto-enrolment obligations while offering a valuable benefit to their workforce. Employees benefit from low charges, clear communication, and access to a range of investment options tailored to meet their retirement goals.

The Main Benefits for Employees

• Financial Security in Retirement

Employees can save for their future through a simple, reliable pension scheme. Regular contributions from both employees and employers help build a secure retirement fund.

• Low Charges for Members

The People’s Pension offers competitive fees, ensuring that more of the employee’s contributions go toward building their retirement pot. This includes a single annual management charge of 0.5%, which reduces further for larger pots.

• Investment Growth Potential

Employees can choose from three investment profiles—Cautious, Balanced, and Adventurous—depending on their risk appetite. These funds are professionally managed, aiming to deliver steady growth over time.

• Tax Advantages

Employees benefit from tax relief on their pension contributions, making the scheme highly cost-effective. For example, basic-rate taxpayers effectively pay only £80 for every £100 contributed.

• Flexible Access to Pension Savings

Upon reaching retirement age, employees can choose from several options, including taking a lump sum, buying an annuity, or using income drawdown, offering flexibility in how they access their savings.

• User-Friendly Online Portal

The People’s Pension provides members with an easy-to-navigate online account where they can track contributions, view fund performance, and manage their personal details.

• Portability

The scheme allows employees to consolidate old pensions into their People’s Pension pot, simplifying management and potentially reducing fees.

The Main Benefits for Employers

• Compliance with Auto-Enrolment

The People’s Pension makes it easy for employers to meet their legal duties under auto-enrolment legislation. From enrollment to contribution processing, the platform ensures full compliance and simplifies the entire process.

• Cost-Effective Solution

As a not-for-profit provider, The People’s Pension is focused on delivering value. Employers can offer a high-quality pension scheme without incurring excessive costs, making it a viable option for businesses of all sizes.

• Streamlined Administration

The People’s Pension offers a user-friendly employer portal that integrates seamlessly with payroll systems, reducing administrative burden and saving time. Automated processes ensure contributions are handled accurately and efficiently.

• Employee Retention and Attraction

Providing a robust pension scheme enhances an organisation’s employee benefits package, helping attract and retain top talent. It demonstrates a commitment to employee welfare, fostering loyalty and engagement.

• Dedicated Support

Employers benefit from dedicated account management and access to a customer support team that provides guidance on setting up and managing the scheme.

• Tailored Solutions for Different Business Sizes

Whether an employer has a single worker or thousands, The People’s Pension adapts to meet the needs of businesses at every scale, offering flexibility and personalized service.

Special Features to Highlight

• Master Trust Governance

The People’s Pension operates as a master trust, meaning it is governed independently by a board of trustees. This ensures the scheme prioritizes member benefits and adheres to high standards of governance and transparency.

• Support for Smaller Employers

The scheme is designed to be accessible even for small businesses, offering a simplified setup process and minimal administrative overhead.

• Dedicated Onboarding Service

New employers receive comprehensive onboarding support, ensuring a smooth transition into the scheme. This includes step-by-step guidance and access to educational resources.

• Ethical Investment Options

The People’s Pension offers members the choice of ethical investment funds, allowing employees to align their pension savings with their personal values.

• Scalable and Future-Proof

The platform’s flexibility means it can scale with a growing business, ensuring long-term usability as workforce numbers increase or organizational needs evolve.

• Comprehensive Member Communication

The People’s Pension emphasises clarity and simplicity in its communications, providing members with easy-to-understand guides, regular updates, and transparent fund performance reports.

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