The People's Pension is a United Kingdom trust based
defined contribution
A defined contribution (DC) plan is a type of retirement plan in which the employer, employee or both make contributions on a regular basis. Individual accounts are set up for participants and benefits are based on the amounts credited to these a ...
workplace
pension
A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments ...
scheme for non-associated employers, commonly referred to as a
'master trust'.
History
The UK
Pensions Act 2008
The Pensions Act 2008c 30 is an Act of the Parliament of the United Kingdom. The principal change brought about by the Act is that all workers will have to opt out of an occupational pension plan of their employer, rather than opt in. A second c ...
established new duties which require employers to
automatically enrol eligible workers into a workplace pension plan that meets certain minimum standards. The People's Pension was set up by
B&CE
B&CE is a not-for-profit financial services company based in Crawley, West Sussex. The company provides insurance-based products to people working in the UK construction industry.
Group Structure
Building and Civil Engineering Holidays Scheme Ma ...
in 2011 for employers requiring a scheme to fulfil their duties under the Act from October 2012. In September 2014 The People's Pension announced
that it had accepted its one millionth member.
References
External links
B&CE WebsiteThe People's Pension websiteThe Report & Accounts for The People's Pension for the year ending 31 March 2014Pensions World article covering the announcement of the 500,000th member of The People's Pension in February 2014"People's Pension first master trust to gain independent assurance" Professional Pensions article covering the joint assurance framework established by TPR and the
ICAEW
The Institute of Chartered Accountants in England and Wales (ICAEW) is a professional membership organisation that promotes, develops and supports chartered accountants and students around the world. As of July 2022, it has over 198,000 members ...
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Pensions in the United Kingdom
2011 establishments in the United Kingdom