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The first 12 months of automatic enrolment have seen over one and half million employees automatically enrolled into a workplace pension scheme, including more than 250,000 with The People’s Pension, increasing to 450,000 by the end of the financial year.
So far, around 450 employers have chosen The People’s Pension from sectors as diverse as retail, transport, facilities management, leisure, education and construction including Marriott UK, Wilkinson, JD Sports, Rentokil Initial, Pret A Manger, Matalan, Morgan Sindall and Servest.
The number of opt-outs has been impressively low at just 6.4% and some companies, such as Rentokil Initial, have experienced opt-out rates as low as 4%.
Patrick Heath-Lay, Chief Executive, said:
“We are delighted with the success of The People’s Pension and how well the product has been received by the pensions industry, corporate advisers and employers alike. As we move into the second year of auto-enrolment, we are committed to keeping our charges to a 0.5% AMC . We have also gained sufficient volume to make a firm commitment to accept all employers and not make any additional charges regardless of employer size, turnover or contribution levels. To cope with the expected increase in volumes next year, we will be enhancing our service by launching a new web-based employer portal backed-up with our dedicated telephone employer support team.”
In light of findings and recommendations from the Office of Fair Trading (OFT), The People’s Pension also took the first anniversary of automatic enrolment as an opportunity to highlight some of the changes they believe are needed.
“We welcome the findings of the OFT and its recommendations. The pensions industry has been given one last chance to get its house in order. We must think radically and focus on the bigger picture if we are serious about improving consumer confidence and increasing saving. Before we even consider putting a cap on charges, we need an industry-wide minimum quality standard for DC pensions which should be enforced. As well as standards on investments and governance, it should also require active schemes to move to a single charge that enables a simple comparison at the point of sale. For any new pension scheme to be authorised it must meet these standards, with existing schemes being given a transitional period to either ‘improve…or move’.”