Yes, we contacted you and your employees directly explaining how we’ll transfer their pension savings from EasyBuild to The People’s Pension. Your employees would have received a letter from us during July or August 2017. We contacted employers in May 2017.
All the investment fund choices available in EasyBuild are also available in The People’s Pension. Members are also able to choose two additional funds – the Shariah Fund and the Ethical Fund.
Yes, The People’s Pension has a lower member management charge than EasyBuild. In The People’s Pension we deduct 0.5% of the value of each pension pot each year. Plus, members of The People’s Pension will also typically receive a rebate on their management charge once they have over £6,000 in their pot.
EasyBuild had a tiered charging system, but the lowest annual management fund charge was 0.6% so slightly more than The People’s Pension.
We believe The People’s Pension will be better for members, as there are lower annual management fund charges, the same investment choices (as well as a couple of additional invesment options) and a stronger governance structure than EasyBuild.