EasyBuild is now a closed scheme - it's the workplace pension we offered before automatic enrolment legislation. We modernised things with The People's Pension.
The move from EasyBuild to The People's Pension
We decided to refine the number of pension arrangements we offer, so now the only workplace pension available through B&CE is The People's Pension.
Since 1 September 2017, no new members can join EasyBuild and no further contributions can be made to EasyBuild. Contributions have been made and new employees have continued to be added to The People's Pension.
EasyBuild pension savings (including those of EasyBuild members who are no longer contributing) have been transferred to The People's Pension (unless the EasyBuild member has already been in touch to tell us otherwise).
Benefits of moving to The People's Pension
The transfer was supported by the EasyBuild Independent Governance Committee. And we consulted the Construction Industry Joint Council.
Offering membership of The People’s Pension and transferring EasyBuild pension savings to The People’s Pension was in the interests of EasyBuild members because The People’s Pension has:
- lower annual management fund charges than EasyBuild
- the same investment choices as EasyBuild (including the same default investment option) plus a couple of additional options – this means that pension savings in most cases stayed invested in the same way following the transfer
- a strong governance structure because it has a Trustee with independent professional trustee representatives on the Trustee board.
Head over to The People's Pension website...
Find out more about the move and the benefits for employees »
So what happened?
If you're an employee with an EasyBuild pension...
You didn't need to do anything if you were happy for us to make any changes needed, and transfer your EasyBuild pension savings to The People’s Pension.
You should have told us if you didn't want your pension savings to be moved to The People's Pension. That way we would have known to leave them in EasyBuild for the time being – but you'll still need to let us know where you want them to be moved to (and fill out some forms).
Learn more about The People's Pension and how the move worked for employees »
If you're an employer who has offered an EasyBuild pension to your employees...
You should have received a letter from us about the move from EasyBuild to The People's Pension.
You needed to complete and return the deed enclosed with your letter in order to join The People's Pension.
You also needed to make sure your account was up to date and any August payments settled by 22 September 2017.
And you needed to tell your employees what's happening, using our sample letter template if you wanted (which can be downloaded from The People's Pension website
Learn more about The People's Pension and how the move worked for employers »
Protecting your interests
The Independent Governance Committee represents the interests of policyholders of EasyBuild Stakeholder Pension Scheme.
The Independent Governance Committee (IGC) was set up by B&CE Insurance Limited (B&CE) in March 2015 as part of regulatory changes introduced by the Financial Conduct Authority (FCA).
The introduction of the IGC provides greater protection for you and is designed to protect your interests as a member of the EasyBuild Stakeholder Pension Scheme (EasyBuild). The IGC has a duty to:
- act solely in your interests
- operate independently from B&CE, in accordance with the IGC’s Terms of Reference
- assess and, where necessary, challenge B&CE on whether EasyBuild provides value for money for you
- consider whether costs and charges are appropriate for the services provided and improve transparency
- raise and escalate any concerns to the B&CE Board in the first instance and ultimately to the regulator, the FCA, if the B&CE Board has not responded to IGC’s concerns.
The IGC produces an annual report on its activities and views on EasyBuild.
When looking at value for money, the IGC considered the following during 2017/18:
- the project planning and successful transfer of 99% of the EasyBuild membership to The People’s Pension in February 2018
- a review of default investment strategy
- engagement with members
- analysis on the core scheme transactions
- review of B&CE’s administrative systems.