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EasyBuild Pension

Did you know?

  • Over 30 years in workplace pensions
  • EasyBuild was launched in 2001
  • The experience gained here helped us launch The People's Pension

EasyBuild is the workplace pension we offered before automatic enrolment legislation. We modernised things with The People's Pension – and now it's time to get everyone up to date.

Moving from EasyBuild to The People's Pension

We’ve decided to refine the number of pension arrangements we offer, so in future the only workplace pension available through B&CE will be The People's Pension.

From 1 September 2017, no new members will be able to join EasyBuild and no further contributions can be made to EasyBuild. Contributions can be made and new employees added to The People's Pension instead.

EasyBuild pension savings (including those of EasyBuild members who are no longer contributing) will be transferred to The People's Pension.

Benefits of moving to The People's Pension

The transfer has the support of the EasyBuild Independent Governance Committee. And we’ve consulted the Construction Industry Joint Council.

Offering membership of The People’s Pension and transferring EasyBuild pension savings to The People’s Pension is 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 can normally stay 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.

You could choose to take independent financial advice on the impact of the transfer on your pension savings. You can find a local adviser specialising in retirement planning at Unbiased. Advisers may charge for any help or advice they give you.

Head over to The People's Pension website...

Find out more about the move and the benefits for employees »

Unlike EasyBuild, The People’s Pension can be used as an automatic enrolment scheme so you can comply with your automatic enrolment duties.

Once you reach your automatic enrolment staging date, we’ll support you to make sure you comply with your responsibilities.

If you haven’t heard about automatic enrolment yet, you will do soon – all employers have to meet the legal requirements.

Head over to The People's Pension website...

Find out more about the move and the benefits for employers »

So what happens now?

If you're an employee with an EasyBuild pension...

You'll receive a letter from us about the move from EasyBuild to The People's Pension.

You don’t need to do anything if you’re happy for us to make any changes needed and to transfer your EasyBuild pension savings to The People’s Pension.

Tell us within 2 months of the date on your letter if you don't want your pension savings to be moved to The People's Pension. That way we'll know 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 will work for employees »

If you're an employer who offers an EasyBuild pension to your employees...

You'll receive a letter from us about the move from EasyBuild to The People's Pension.

You'll need to complete and return the deed enclosed with your letter in order to join The People's Pension.

Make sure your account is up to date and any August payments settled by 22 September 2017.

And you'll also need to tell your employees what's happening, using our sample letter template if you want (which you can download from The People's Pension website).

Learn more about The People's Pension and how the move will work 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 (the Scheme). 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 the Scheme 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 has produced its second annual report on its activities and views on the Scheme.

When looking at value for money, the IGC considered the following during 2016/17:

  • the feasibility of transferring the EasyBuild membership to The People’s Pension
  • the review of the default investment strategy
  • engagement with members
  • analysis of the core scheme transactions
  • the operation of B&CE’s administrative systems.