People’s Pension has surpassed £25bn in assets under management and it is on track to reach £50bn over the next five years, it said.

People’s Pension said the milestone reinforces it as the “largest independent master trust in the UK”, since it launched in 2012. Today, the scheme serves more than 6.5 million members from over 100,000 employers from all sectors.

Patrick Heath-Lay, chief executive officer of People’s Partnership, said: “Reaching £25bn in assets under management is a significant milestone for The People’s Pension, which has achieved remarkable growth over the past decade or so.”

He said that the master trust will continue to grow, and is on track to reach £50bn mark in the next five years.

Heath-Lay added that the growth will be achieved “organically with member contributions and investment returns”.

“We anticipate that this rate of growth will be further accelerated by the steps being taken to consolidate the workplace pension market so that there are fewer, bigger and better value schemes available,” he noted.

Mark Condron, chair of the People’s Pension trustee, added that scale is “incredibly important” to pension schemes and the more the People’s Partnership continues to grow, the more it can seek to provide “better value for our members”.

The master trust recently outlined its ambition to move from the auto-enrolment space to become a leading workplace pension provider, as it continues to build its proposition with the recent introduction of a new set of retirement planning tools, a financial wellbeing offering, and a member app set to be launched later this year.

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