Called ‘The People’s Pension’, the offering will include a bespoke online management tool to assist employers in meeting their regulatory obligations, with a UK based call centre and dedicated account managers and support material.
B&CE says it will be able to offer lower charges than competitors as it is a not-for-profit organisation that does not have to pass on profits to shareholders. It will offer the pension to employers beyond its traditional territory of the construction industry.
The People’s Pension will offer three risk-based profiles together with a 15-year glide path to retirement and no penalties or fees on transfers. Alternatively members can self-select from seven investment funds, which include Sharia and ethical.
It comes with a suite of auto-enrolment educational materials and online account access for individuals.
B&CE’s existing governance structure approach is a blend of employer representatives, unions and financial services experts. B&CE will continue to adopt these principles for the new trust arrangement as well as add an independent professional trustee with its own governance framework to give independent oversight.
Brian Griffiths, chief executive of B&CE says: “We are the only provider who has first-hand experience of operating in this specialist segment of the marketplace and we believe this will significantly benefit our new and existing members. There will be no trial run for us because we have been delivering a stakeholder compliant offering to over 6,000 employers for the past decade.”
