30 August 2019
A good home – The People’s Pension is master trust authorised
Build UK partner The People’s Pension, provided by B&CE and one of the UK’s largest master trusts, has been granted authorisation from The Pensions Regulator.
Achieving this status provides reassurance to its members and official confirmation of the strength of its governance.
Overseen by The Pensions Regulator, trustees of master trusts were given 6 months to apply for authorisation and to show their pension scheme met the 5 criteria laid out in legislation:
- demonstrating the people running their scheme were fit and proper
- the master trust was financially sustainable
- the funder of the scheme could support it
- the master trust had adequate systems and processes in place
- a continuity strategy had been prepared.
Commenting on becoming authorised, Patrick Heath-Lay, CEO of B&CE, said:
“We are delighted to receive master trust authorisation; it’s reward for all the hard work that has gone into building The People’s Pension into one of the UK’s largest master trusts, now serving more than four-and-a-half-million savers and 88,000 employers across the country.
“For our members and employers, authorisation offers peace of mind. But at The People’s Pension we know that this is just the beginning – rightly – of much closer ongoing regulation of master trust provision.”
The People’s Pension has long called for tougher regulations from The Pensions Regulator. It means that only stronger, well-governed master trusts – like them – will exist, offering more financial stability and protection to pension savers.
The People’s Pension is a good home for employers of all sizes and from all sectors looking to bring their old pension schemes together through consolidation or switching provider. The workplace pension offers a quick and easy solution to help employers set up and manage their pension.
By moving to The People’s Pension, you can benefit from:
- A communications toolkit to help talk pensions with your employees
- A company that invests its profits for the benefit of its customers
- An Independent Trustee who puts members first
- Support from an award-winning, UK-based customer service team
Find out how The People’s Pension can help with pension consolidation or switching pension providers.