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The Benefits of The People's Pension

Benefits of the People's Pension

The People’s Pension is a flexible and portable workplace pension which is suitable for all businesses, large and small, in any sector. Through The People’s Pension, employers have enrolled over 1.2 million members since October 2012, making The People’s Pension the second largest Master Trust in the UK. 


The key benefits of choosing The People’s Pension are:-

  • Low costs (0.5% AMC)
  • High quality investments (managed by State Street Global from January 2016)
  • Portability of pension for employees
  • Transfers in and out accepted 
  • Well-established and fully compliant
  • Award-winning customer service and support

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.

 

We think customer service is crucial and The People’s Pension has proved to be one of the best pension providers for customer service.

The People's Pension has been awarded a 5-star rating by Defaqto, a well-known independent financial researcher.  Defaqto independently rates services based on the quality and comprehensiveness of the features and benefits they offer, and to be awarded the maximum 5 stars means that they think The People's Pension is 'an excellent product, with a comprehensive range of features and benefits'.

B&CE, as provider of The People’s Pension, has won a number of awards, including

  • Best Multi-employer DC Provider (Pensions Expert, Pension and Investment Provider Awards 2016)
  • Best Governance Structure 2015 (Pension Insight DC Awards)
  • Best DC Provider of the Year 2014 and 2016
  • DC Master Trust of the Year 2016 (UK Pension Awards)
  • Their customer helpline has won several awards including Best Overall Customer Service (the top prize) at the Top 50 Companies for Customer Service Awards in 2016, as well as the Best Insurance and Financial and Best Medium Call Centre categories.


Furthermore, The People’s Pension holds the pension industry-leading Pension Quality Mark READY, which requires pension plans to meet best practice standards on pension scheme governance, charges and communications to be met.

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