The founder of The People’s Pension is B&CE, a not-for-profit company with a strong member focus which puts savers first and that continues to be its ethos. In order to continue to support existing and new customers, B&CE needs to make sure that its business model is sustainable over time.
The one-off set-up charge for smaller employers isn’t about making a profit, it’s about making sure that both B&CE and The People’s Pension can continue to provide the level of support that employers and members have told us they need. An alternative to charging new employers which sign up to The People’s Pension from 23 November 2015 would be to pass on these costs to scheme members (as some other pension schemes do). At The People’s Pension, we don’t feel that’s in the best interests of our members.