The People’s Partnership outlined its ambition to move from the automatic enrolment space to become a “leading workplace pension provider” as it prepares to launch key propositional developments.
The provider of The People’s Pension mastertrust said it is currently building its proposition to support the broader needs that employers have for their workforce, with a programme of key propositional developments that will help provide greater financial security for its 6.4 million members.
These include a retirement planning tool, a member app and an improved financial wellbeing hub following its launch earlier this month.
It will also start to price at a scheme level and has already started to reform its bulk transfer capabilities with a new specialist team, an online data transfer process and pre-funding to simplify the process.
The People’s Partnership chief commercial officer David Meliveo said the proposition came at an “exciting time” following a decade of growth, with £22bn assets under management and an annual cashflow of £3.5bn.
He said: “In a time of economic uncertainty, it’s important that we build a financial wellbeing offering for our members, which we’ve begun with the launch of a new hub and the recruitment of a new employer engagement team, that will support over 100,000 businesses and financial advisers who have put their trust in us.”
Maliveo added that research from The People’s Partnership showed that people don’t understand their options at retirement, and as a result the mastertrust will launch a retirement plan and a new app before the end of the scheme year to ensure its members have all the information they need to plan for their futures.
“There’s no doubt that The People’s Pension has been a huge success in the auto-enrolment space, but as a provider founded for social good, that’s without shareholders and truly puts its members first, we feel there’s an important space for us in the workplace pension market,” he continued.
The People’s partnership has also implemented a new specialist bulk transfer team and online data transfer process and introduced pre-funding to make complex cases as simple as possible and mitigate out of market for members.
Read the digital edition of IPE’s latest magazine