Quality and Governance
Building & Civil Engineering Holiday’s Scheme Management Limited established The People’s Pension on 28 June 2012. B&CE has two subsidiaries, B&CE Insurance Limited and B&CE Financial Services Limited.
B&CE is a not-for-profit organisation with over 70 years’ experience of providing financial benefits to its members. Before setting up The People’s Pension, B&CE has successfully pioneered a form of auto-enrolment for over ten years through its EasyBuild Stakeholder Pension Scheme. Employees at B&CE also shared their experience with the Government’s Department for Work and Pensions during its development of auto-enrolment.
B&CE has 2.4 million members and provides financial benefits to over 800,000 active individuals on behalf of over 9,000 corporate accounts. They manage assets totalling £2.2 billion. Unlike stakeholder pension providers or group personal pension plans, The People’s Pension is a not-for-profit organisation - there are no shareholders, meaning any surplus is used for the benefit of its members, through lower charges, enhanced terms or benefits and improved services.
Why We Chose The People's Pension
The People’s Pension has a proven track record in flexible pensions, investments and auto-enrolment. B&CE have actually been operating a form of auto-enrolment for the last 10 years through the B&CE scheme - they’re already auto-enrolment pensions experts, which is crucially important when things start to get really busy.
The People’s Pension is a large enough organisation to cope with the huge influx of employers needing to find a pension scheme in the next few years – otherwise known in the industry as the ‘capacity crunch’. Their systems have already been tried and tested through B&CE and they have proved that they’re able to manage large volumes. Smaller pension providers may struggle (and some are already struggling) with volumes, potentially leading to delays and poor customer service. Delays for our clients may lead to fines, and this is obviously something that everyone is keen to avoid!
All of the pension scheme administration is done in-house at The People’s Pension and it adheres to rigorous Service Level Agreements (SLAs). It has an outstanding service record which is monitored by the Independent Trustee. In-house administration is a big plus in our book as it tends to lead to committed and highly knowledgeable staff, lower costs and a higher degree of accuracy.