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What is the charge cap?

The charge cap is a government-set limit. It’s the annual amount that can be charged to savers in default arrangements within defined contribution pension schemes used for auto-enrolment. Default arrangements are the investment fund or funds that an employer or scheme trustee have chosen for members who haven’t actively chosen a fund. The default arrangement for members of The People’s Pension who haven’t made an active choice is the ‘balanced’ investment profile.

The cap has applied since April 2015 and is currently set at 0.75% of funds under management within the default arrangement, or an equivalent combination charge. The cap applies to all scheme administration and investment charges, excluding transaction costs. This means it doesn’t currently include costs that are incurred by the investment manager when assets are bought, sold or lent by the fund.

How will Brexit affect my pension savings?

Brexit isn’t likely to significantly affect UK-based occupational pension schemes like The People’s Pension. This is because UK-based occupational schemes are mainly run according to legislation made by the UK Parliament and regulated by agencies of the UK government. Brexit may, though, be a cause of economic uncertainty and movements in financial markets that may affect pension schemes like The People’s Pension.

All financial assets carry some degree of risk, and at The People’s Pension we’ve invested in a diverse portfolio of assets. We invest across the world on behalf of our members, not just in the UK. This should limit the impact of events like Brexit on our members’ pension savings.

Your pension pot is held under trust in a separate legal entity and this keeps your money secure.  For more information on how your savings are protected see security of your savings.

We’ll be monitoring the situation as it develops and will base our decisions on research and evidence, as we aim to meet our members’ long-term investment objectives.

You can monitor how the investment fund(s) your pension pot is invested in are performing or check our daily unit prices.

If you’re planning to access your pension savings in the near future, you should take extra care. Choosing what to do with your pension savings is an important decision – consider getting some guidance or advice. Visit Pension Wise, a free and impartial government service, for online, face-to-face or telephone guidance. You can also speak to an adviser. If you don’t already have an adviser, you can find one on the Unbiased website. Please note an adviser may charge for their advice.

We’ve teamed up with LV= to provide our members with access to personalised, regulated financial advice.

Please note LV=’s telephone advice service is a paid-for service. They’ll explain to you the cost of this service before offering you advice.

What is master trust authorisation?

Master trust authorisation is overseen by The Pensions Regulator. It will help ensure that master trust pension schemes (like The People’s Pension) continue to run in the best interests of their members. To become authorised, master trusts needed to show that their scheme met the 5 criteria laid out in legislation:

  1. demonstrating the people running their scheme were fit and proper
  2. the master trust was financially sustainable
  3. the funder of the scheme could support it
  4. the master trust had adequate systems and processes in place
  5. a continuity strategy had been prepared.

We lobbied and supported the government’s decision to introduce an authorisation process for all master trusts operating in the UK pensions market. In August 2019, The People’s Pension was granted master trust authorisation from The Pensions Regulator.

We firmly believe this is an effective way to help ensure that all master trusts are properly run and well governed.


What’s a data controller and data processor?

A data processor is anyone (other than an employee of the data controller) that processes personal data on behalf of the data controller.

A data controller controls how and why personal data is processed. B&CE, provider of The People’s Pension, is a data controller in its own right. As joint data controllers, both B&CE and the employer have full responsibility for the compliance and accountability of the data collected and used.

For more information on definitions, see The Information Commissioner’s website »

Do you offer death-in-service cover?

We offer the Employer Life Cover (ELC) scheme – please note this is only available to construction employers.

ELC provides a tax-free lump sum to a member’s beneficiaries if they die for any reason whilst employed by you. For more information, give us a call on 01293 586666.

What are my employees being charged?

There is an annual management charge made up of 3 elements:

  • a management charge of 0.5% of the value of their pension pot each year
  • a potential rebate on the management charge of between 0.1% on savings over £3,000 and 0.3% on savings over £50,000
  • an annual charge of £2.50 deducted during the scheme year (which runs from 1 April to 31 March), if they have investments with us as of 1 April.

Find out more about our member annual management charge.