Costs and charges | 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

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 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.