The People’s Pension

The People’s Pension is a not-for-profit pension provider. The organisation came to nationwide prominence providing workplace pension schemes for employers who are required by law to provide a scheme and auto-enrol you into it. They must also pay into your pension. Now, that’s something worth having!

How does The People’s Pension work?

Your plan works on a money purchase basis, also known as defined contribution. The money you and your employer pay into your pension is invested and grows over the years. And, the more that’s paid in and the better it grows then the bigger your savings pot will be.

Is The People’s Pension different to other providers?

Unlike, the newer auto-enrolment pension providers Nest and NOW Pensions which have been providing pensions for around 5 years The People’s Pension have been doing so for over 35 years. They’re run on a not-for-profit basis and aim to return their profits to you and the other members.

The People’s Pension has independent trustees so that employers can use their expertise to oversee and take care of your pension savings, and run the scheme in your best interests.

What about the charges?

Member annual management charge is made up of three elements. The primary charge being a £2.50 annual charge which applies to pots of £102.50 or more, a management charge of 0.5% of a member’s pot each year, and a rebate on the management charge, for savings over £3,000. These are figures for the 2022/23 scheme year and will increase for the 2023/24 scheme year with annual charge rising to £4.50. Exact charges are outlined in your People’s Pension online account.

Can I continue to pay in if I leave my employer?

Yes, you can continue to make monthly contributions and also pay in occasional lump sums.

Can I opt out of The People’s Pension?

It’s possible to opt out at any time of your choosing, even on a temporary basis. If you opt out of the pension at the beginning then after 3 years your employer must auto-enrol you again, but you could opt out again. With the benefit of free money from your employer think carefully before you do this!

Is The People’s Pension the same as Nest and NOW?

There’s little to choose between each of them. So, you’ll pay a similar amount in charges for having your savings with them and their terms and conditions are broadly similar.

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The details provided in this article are for general information only and are in no way deemed to be financial advice. All of the material is correct as of the publication date, but could be out-of-date by the time you read the article.
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