The merger was project managed by JLT Employee Benefits (JLT) and brings in over £5m a year in annual contributions to The People’s Pension, rising to over £10m following next week’s mandatory rise in pension contributions.
The People’s Pension now runs the auto-enrolment scheme for 70 employers transferred from Your Workplace Pension, which has been wound up.
The People’s Pension group director of sales and marketing Roy Porter says: “Almost 9,000 members and 70 employers have been moved across to The People’s Pension in a successful transfer, thanks to a close and effective partnership with JLT.
“Across the industry, master trust consolidation like this looks set to increase following the new legislation and The People’s Pension is well-placed to support that.
“There are a large number of master trusts in the market but following the new regulation it’s unrealistic to think they’ll all be able to continue. Improved regulation will ensure that more members can easily be moved to good quality workplace pension schemes where the employer no longer wants to operate its own pension scheme.”
JLT Employee Benefits head of discontinuance Tom Pook expects to see significant consolidation of the master trust market as a result of authorisation requirements and associated focus from the Pensions Regulator.
Pook says: “Winding-up the YWP master trust offered some significant challenges, but through focussed project management and co-operation with each of the two trustee boards, we were able to achieve a smooth transition for members and employers.
“The government has mandated that all authorised master trust schemes will need a plan in place to deal with potential winding-up, without increasing cost to members, and our experience has demonstrated the value of high quality advice and up-front planning.”
