The People’s Pension has returned £50 million to its members through rebates on its annual management charge (AMC).
The People’s Partnership introduced a rebate charging system in its pension scheme over four years ago. This structure rewards members for higher savings (0.1 per cent on savings over £3,000 and 0.3 per cent on savings over £50,000).
The People’s Pension says it is the only independent provider with a single pot, now refunding around £2 million each month. It has intentions to move from auto-enrollment to become a top workplace pension provider.
People’s Partnership CEO Patrick Heath-Lay says: “As an organisation founded for social good and centred around better member outcomes, we’re committed to helping our 6. per cent million members build financial foundations for life. Delivering £50 million in rebates in such a short space of time is another example of how we continue to put our members first.
“We do not believe in the ‘set and forget’ industry charging practices which erode a member’s pension pot value as their funds grow. As a provider we aim to deliver maximum value back to our members, not shareholders, and we see this as yet another great step towards this.”