About The People's Pension | Help and support

Are my investments covered by the Financial Services Compensation Scheme (FSCS)?

archie.homer — Fri, 02 Dec 2016 15:04:00 +0000

Currently, all contributions are invested by State Street Global Advisors Limited in highly regarded, mainstream pooled investment funds, accessed through a long-term insurance contract with Managed Pension Funds Limited (MPF). This is a typical investment structure used by many pension funds in the UK. In the event that MPF becomes insolvent, it may be possible for any deficit to be recovered from the Financial Services Compensation Scheme (FSCS). The FSCS website at www.fscs.org.uk advises that for claims relating to long-term insurance policies, the maximum compensation is 100% of the claim with no upper limit. However, we believe that this position has yet to be tested.

Find out how your investments are protected by FSCS

Do you offer death-in-service cover?

Niki Smith — Tue, 07 Feb 2017 09:55:17 +0000

We offer the Employer Life Cover (ELC) scheme – please note this is only available to construction employers.

ELC provides a tax-free lump sum to a member’s beneficiaries if they die for any reason whilst employed by you. For more information, give us a call on 01293 586666.

Is The People’s Pension authorised by the Financial Conduct Authority (FCA)?

Alex Marshall — Fri, 02 Dec 2016 15:03:59 +0000

The People’s Pension is an occupational scheme and is therefore registered with The Pensions Regulator rather than the Financial Conduct Authority (FCA). The Pensions Regulator is the UK regulator of work-based pension schemes.

The People’s Pension is run by a not-for-profit organisation, People’s Partnership. The Trustee of The People’s Pension has appointed People’s Administration Services Limited as administrator of the scheme. People’s Administration Services Limited is authorised and regulated by the FCA. Read our legal statement for more information.

What are the benefits of being with The People’s Pension?

archie.homer — Fri, 02 Dec 2016 15:03:58 +0000

Membership of a large, secure scheme, backed by the resources and experience of People’s Partnership, a not-for-profit organisation with over 80 years’ experience in workplace benefits and over 30 years operating multi-employer pension schemes.
Access to our UK-based customer service helpline.
A fair annual management charge made up of an annual charge, a management charge of 0.5% (50p for every £100 saved) and a rebate on the management charge. The rebate level depends on how much is in your pension pot.
A simple, concise investment choice of 3 investment profiles (each of which includes a retirement glidepath) and 8 self-select investment funds.
Engaging communications and an easy-to-use website.

What does your auto-enrolment solution include?

editorial — Mon, 23 Nov 2015 00:01:01 +0000

We offer 2 routes for employers that want to join us, a fast track sign-up route called Simply Comply and a Simply Tailor route for a full choice of options, specific to the employer’s requirements. Simply Comply offers a simplified process, in line with basic regulatory requirements, while Simply Tailor allows an element of choice.

Simply Comply and Simply Tailor are specifically designed so that employers will benefit from a faster and slicker sign-up process. With both routes, there’s a range of payroll options and extended opening hours so employers can talk to someone at a time that’s right for them, online and on the telephone.

Included in both service options is the important step of letting The Pensions Regulator know (through completing the declaration of compliance) that an employer has done what they need to do to comply with their automatic enrolment duties.

What is master trust authorisation?

Niki Smith — Wed, 23 Jan 2019 15:57:41 +0000

Master trust authorisation is overseen by The Pensions Regulator. It will help ensure that master trust pension schemes (like The People’s Pension) continue to run in the best interests of their members. To become authorised, master trusts needed to show that their 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.

We lobbied and supported the government’s decision to introduce an authorisation process for all master trusts operating in the UK pensions market. In August 2019, The People’s Pension was granted master trust authorisation from The Pensions Regulator.

We firmly believe this is an effective way to help ensure that all master trusts are properly run and well governed.

What is the charge cap?

Niki Smith — Tue, 19 Feb 2019 09:56:25 +0000

The charge cap is a government-set limit. It’s the annual amount that can be charged to savers in default arrangements within defined contribution pension schemes used for auto-enrolment. Default arrangements are the investment fund or funds that an employer or scheme trustee have chosen for members who haven’t actively chosen a fund. The default arrangement for members of The People’s Pension who haven’t made an active choice is the ‘balanced’ investment profile.

The cap has applied since April 2015 and is currently set at 0.75% of funds under management within the default arrangement, or an equivalent combination charge. The cap applies to all scheme administration and investment charges, excluding transaction costs. This means it doesn’t currently include costs that are incurred by the investment manager when assets are bought, sold or lent by the fund.

What type of company will you accept?

Alex Marshall — Wed, 16 Jun 2021 09:11:22 +0000

We’ll accept any company with one or more employees.

What type of pension scheme is The People’s Pension?

Andreas Muller — Tue, 26 Apr 2016 12:34:26 +0000

The People’s Pension is an occupational pension scheme. It isn’t a personal pension, group personal pension or stakeholder scheme.

What’s a data controller and data processor?

Niki Smith — Tue, 20 Feb 2018 12:15:44 +0000

A data processor is anyone (other than an employee of the data controller) that processes personal data on behalf of the data controller.

A data controller controls how and why personal data is processed. People’s Partnership, provider of The People’s Pension, is a data controller in its own right. As joint data controllers, both People’s Partnership and the employer have full responsibility for the compliance and accountability of the data collected and used.

For more information, see The Information Commissioner’s website »