The People’s Pension has returned over £100 million to its seven million members through its savings reward programme since 2020.
It is currently returning more than £3 million each month. The scheme is the only UK workplace pension that provides members with a single pension pot, regardless of how many times they are enrolled by different employers and applies a best price guarantee on its annual management charge (AMC).
People’s Pension says that a saver earning £25,000 a year and contributing 8 per cent of their salary could save over £12,000 in charges over their lifetime through the programme, which means more money staying in members’ pension pots.
People’s Partnership chief executive officer Patrick Heath-Lay says: “This is an extremely significant moment – a milestone we are very proud of and a great example of what a pension with purpose looks like. The more the People’s Pension grows, the more we will be able to put back into the pots of our members.”
“We’re proud to lead by example and show that a better pension experience is possible. Our seven million members are at the heart of everything we do, and our savings reward is just one way we’re helping them build a more secure financial future.”
People’s Pension Chair of board of trustees Mark Condron says: “To give back £100 million to so many of our members in just five years is the embodiment of the People’s Pension’s differences. The savings reward is a perfect example of putting members first and to reach such a milestone, so quickly, is yet another reminder of our rapidly growing scale.”