Consolidation of trust-based occupational pensions

As trust-based occupational pension schemes face tighter regulations, you might be thinking about consolidation. Find out about our top tips for successful pension consolidation, and how we can help you save time and money.

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Why consolidate with The People’s Pension?

The People’s Pension is a flexible, portable workplace pension, rewarding members not shareholders. As an authorised master trust we’re recognised and approved by The Pensions Regulator as a pension provider that’s properly run and completely focused on the needs of our members.

Trusted by over *6 million members

Managing over *£20bn of members’ money

Dedicated consolidation team to help you every step of the way

Helping members save more by giving back £1m+ in reduced charges every month

Time and cost savings for you

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*All figures correct as of April 2023.

Our top tips for successful trust-based pension consolidation

Tighter regulations mean more time and cost

The government and The Pensions Regulator’s drive to focus on the value for money provided by workplace pensions to ensure better member outcomes has meant tighter regulations and more scrutiny for trust-based schemes, including:

  • the requirement for certain smaller trust-based schemes to complete value for members assessments
  • broadening investments in illiquid assets
  • climate-related governance and reporting requirements for investments
  • an increasing emphasis on data quality
  • requirements for further transparency in chair’s statements
  • a growing expectation to offer members a more complete journey from work into retirement; and
  • keeping schemes compliant with the increasing pace of regulatory change eg stronger nudge to pensions guidance, pensions dashboards, changes to the normal minimum pension age, simpler annual benefit statements, transfers conditions to protect savers from scams, changes to the charge cap.

For employers with their own ‘in-house’ scheme, this means more time, cost and resources to meet these changing regulations and to support trustees, alongside increased risks and trustee liabilities. As a result, employers may need to consider reviewing the relationship between scale, cost, risk, governance, sustainability, and ultimately their ability to continue operating in the pensions market.

Next steps

Thinking about consolidating? Contact us to discuss if The People’s Pension can meet your needs and for more information on the support we can offer…

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