The People’s Pension is introducing a new incentive this summer which will enable members to save thousands of pounds over their lifetime
The People’s Pension is provided by a not-for-profit organisation that exists for the benefit of its members. Any profit we make is used to improve our products and service for our members.
This summer we’ll switch from our already low-cost management charge of 0.5% per year to a banded pricing structure. Instead of a standard flat percentage charge, where savers pay a lot more in pounds and pence the more they save, our percentage charge will fall as a member’s pension pot grows, potentially saving them thousands of pounds over their lifetime.
Following the announcement, Patrick Heath-Lay, CEO, said: “We led the auto-enrolment market by offering all employers, whether large or small, the same uniform single charging structure for their employees, removing a sense of unfairness in industry charging practices. We’re taking this approach further by offering all members the same clear incentive to save for the long-term.”
Guy Opperman MP, Minister for Pensions and Financial Inclusion, said he was ‘pleased to see The People’s Pension taking this action to improve value for money for its members’ and encouraged all firms to look at what they can do to ensure they keep delivering value as the amounts saved continue to grow.
Since 2012, The People’s Pension has grown to serve more than four million members from more than 85,000 employers across the UK, becoming one of the largest master trust workplace pension providers.
Perfect for employers of all sizes, our scheme meets all the legal needs of auto-enrolment and provides a secure workplace pension solution supported by award-winning customer service.
