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B&CE, the not-for-profit provider of The People’s Pension, has today announced that one million members have been auto-enrolled into The People’s Pension since it opened its doors for business in October 2012.
Patrick Heath-Lay, Chief Executive of B&CE, provider of The People’s Pension, said:
“We have been delighted by the success of The People’s Pension since our first members joined nearly two years ago. Auto-enrolling 1 million people is an important milestone and builds on the success of the proposition. But this in not new to B&CE, a company that is now providing financial benefits to over 2 million people.
“We launched The People’s Pension to provide a simple and high quality pension scheme focused on helping employers meet their auto-enrolment obligations. We are pleased that The People’s Pension has proven so popular and has been well received by advisers, employers and our members. As we continue our journey, we are committed to serving all employers no matter how small, whilst ensuring we maintain the highest standards of service and administration that sets us apart.”
B&CE estimates that The People’s Pension has a 17% market share of the total employees auto-enrolled.
This makes The People’s Pension the largest private sector master trust in the UK. Opt out rates are an impressive 5.8% since the scheme began.