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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.

 

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’s Simply Comply?

Simply Comply is what we call our straightforward, hassle free sign-up process for employers wanting to ensure they meet the minimum legal requirements. We’ve completed as much of the account set-up as possible for you to make it easier to sign up and get started. The account will be set up to comply with the minimum automatic enrolment regulatory duties. This is suitable if you:

    • want to make minimum payments based on employee earnings
    • pay employees weekly or monthly
    • don’t want to include subsidiary employers
    • don’t want to delay putting certain employees into a pension scheme.

What’s Simply Tailor?

If you want to do more than the minimum, and you’re confident about handling the flexibility of this option, you can ‘simply tailor’ your pension scheme. This is suitable if you:

  • want to vary the amounts paid in
  • pay your employees weekly, fortnightly, monthly or other
  • want to include subsidiary employers
  • want to delay putting certain employees into a pension scheme.

What does your automatic enrolment solution include?

We offer 2 routes for employers that want to join us, a fast track sign-up route called Simply Comply and a Simply Tailor route for a full choice of options, specific to the employer’s requirements. Simply Comply offers a simplified process, in line with basic regulatory requirements, while Simply Tailor allows an element of choice.

Simply Comply and Simply Tailor are specifically designed so that employers will benefit from a faster and slicker sign-up process. With both routes, there’s a range of payroll options and extended opening hours so employers can talk to someone at a time that’s right for them, online and on the telephone.

Included in both service options is the important step of letting The Pensions Regulator know (through completing the declaration of compliance) that an employer has done what they need to do to comply with their automatic enrolment duties.