I’m a member
See content specific to members.I’m a member of The People’s Pension, what do I need to know about coronavirus and my pension?
I’m an employer
See content specific to employers.I’m an employer with an account with The People’s Pension. What do I need to know about managing our pension scheme through this difficult time?
I’m an adviser
See content specific to advisers.I’m an adviser for an employer or member of The People’s Pension, what do I need to know and how can I continue to support my clients through this difficult time?
I’m none of these
If none of these apply to you, see our default content.Not a member, employer, or adviser? Here’s some general information about how we’re continuing to support our employers and members through this difficult time.
I’m a member
See content specific to members.I’m a member of The People’s Pension, what do I need to know about coronavirus and my pension?
I’m an employer
See content specific to employers.I’m an employer with an account with The People’s Pension. What do I need to know about managing our pension scheme through this difficult time?
I’m an adviser
See content specific to advisers.I’m an adviser for an employer or member of The People’s Pension, what do I need to know and how can I continue to support my clients through this difficult time?
I’m none of these
If none of these apply to you, see our default content.Not a member, employer, or adviser? Here’s some general information about how we’re continuing to support our employers and members through this difficult time.
Adapting to a changing world
Patrick Heath-Lay, CEO at B&CE (provider of The People’s Pension)
“It’s no exaggeration to say that these past few months have been tough in every way imaginable for everyone.
A unique set of circumstances has consumed our way of life, prompting us all to quickly adapt to a new normal. Most of the globe’s population has had to make significant changes.
As well as the risk to our health, many people have faced financial uncertainty after the government took the unavoidable step of lockdown, shutting off much of our economy to protect the population from COVID-19. At the same time, the government provided some financial support for businesses in the form of furlough and the Coronavirus Job Retention Scheme.”
Read Patrick’s full blog post: Adapting to a changing world
Getting help and support
I’m a member
See content specific to members.Our teams are ready to respond to you by email or on the phone. Going online is usually the best way to get support, fast. It also means you can manage your pension when it suits you.
If you have a question, please:
- check our website or online help and support for the information you need
- use your Online Account to manage your pension
- contact us online if you can’t find the answer to your question on our website or online help and support.
Our phone line is open Monday-Friday 8.30am-7pm and Saturdays 9am-1pm. We’re busier than usual, so it might take a little longer to get through.
Find out how our customer services team is moving forward by reading our blog:
I’m an employer
See content specific to employers.Our teams are ready to respond to you by email or on the phone. Going online first is usually the best way to get support, fast.
If you have a question, please:
- log into your Online Services account to manage your pension scheme
- check our online help and support or see the list of helpful links below
- contact us online if you can’t find the answer to your question in your Online Services account or our online help and support.
Our phone line for employers is open Monday to Friday, 8.30am-5.30pm. We’re busier than usual, so it might take a little longer to get through.
Find out how our customer services team is moving forward by reading our blog:
I’m an adviser
See content specific to advisers.Our teams are ready to respond to you by email or on the phone. Going online first is usually the best way to get support, fast.
If you have a question, please:
- check our online help and support or see the list of helpful links below
- contact us online if you can’t find the answer to your question in your online account or our online help and support.
Our phone line is open Monday to Friday, 8.30am-5.30pm. We’re busier than usual, so it might take a little longer to get through.
Find out how our customer services team is moving forward by reading our blog:
I’m none of these
If none of these apply to you, see our default content.Our teams are ready to respond to you by email or on the phone. Going online first is usually the best way to get support, fast.
If you have a question about The People’s Pension, please:
- check our website or online help and support for the information you need
- contact us online if you can’t find the answer to your question on our website or online help and support.
Our phone lines are open but we’re busier than usual, so it might take a little longer to get through.
Find out how our customer services team is moving forward by reading our blog:
I’m a member
See content specific to members.Coronavirus enquiries
What happens to my pension when I’ve been furloughed?
You and your employer should continue contributions to your pension when you’re furloughed, based on the amount you’re being paid. Remember that if you’re on furlough and your employer isn’t topping up your salary, the total amount you earn will be lower. This means your pension contributions will be lower too.
Employee contributions cannot be claimed back from the government under the Coronavirus Job Retention Scheme (CJRS), so you should continue to pay as per the legal minimums, or whatever is set out in your contract. Read more about what to do if you want to reduce your contributions.
What contributions do employers need to pay?
- Employers should continue contributions at the regular agreed rate.
- If your employer uses qualifying earnings to work out pension contributions, and your earnings fall below £520 per month, contributions may not be due.
- If your employer is using salary sacrifice, the rules are a bit different as contributions should continue at the rate agreed with your employer. Check with your payroll department how it might work for you.
What happens in July 2020?
From July, employers can bring furloughed employees back to work on a part-time basis.
- You and your employer should continue to pay contributions at the regular agreed rate.
- Your contributions are based on your full pay (regardless of hours worked).
What happens in August 2020?
The government’s changing the way the CJRS works for employers, but this won’t affect your pension contributions. Your pension contributions should continue at their normal rate.
Need more help?
More information about the CJRS and pension contributions can be found on The Pension Advisory Service’s website.
How might coronavirus affect my pension?
You may have seen news reports about how the coronavirus outbreak has caused uncertainty in world stock markets, including those in the UK.
While short-term drops in the value of your pension savings can be worrying, in the long term, the value can go up as well as down. So it’s important to look at the bigger picture.
Read more about how coronavirus may affect your pension on The Pension Advisory Service website
Pension saving is about the long term
For younger savers who need investment growth, there’s plenty of time for the markets to right themselves.
And for members who are approaching retirement sooner, we take steps to protect their pension savings from unnecessary risks as they get closer to retirement. Please note that a glidepath doesn’t guarantee the value of your pension pot – the value of investments can go down as well as up.
Find out more about investment changes approaching retirement.
Planning to access your pension savings soon?
This can be a very worrying time but hasty decisions could have a big impact on your future.
Remember you’ll receive only the current value of your pension pot. So, if you access your pension savings now, you might miss out on any increases in value in the future if markets recover.
It’s a good idea to focus on your needs in the long term rather than on current events, and to take advice before making decisions.
If you’re experiencing financial difficulties, it’s worth exploring any other savings you might have before taking your pension savings and looking at what other sources of support are in place. More information can be found on the Money Advice Service website. The Money Advice Service also has a debt advice locator tool to help you find out where you can go to get free debt advice.
The Financial Conduct Authority has also put together some helpful information on their website. It explains why you should stay calm and not rush into any financial decisions – and how to avoid pension scams. We recommend you read this before making any decisions about your pension savings.
FCA guidance on making pension decisions during the coronavirus outbreak
Be aware of pension scams
There are people out there with a variety of tricks up their sleeves to try and hook you into transferring your pension funds into bogus schemes. If something seems too good to be true, chances are it is. Read up on how to spot pension scams before making any decisions.
And remember that we will never contact you out of the blue to ask for any of your personal or account information, such as your password or sign-in details.
Get guidance and advice
Choosing what to do with your pension savings is an important decision, so you may want to seek advice or guidance before you decide.
We recommend that you get guidance from Pension Wise about your options. And if you don’t have a financial adviser already, you can find one in your area by visiting the Unbiased website. Plus there are lots of other places you can get pensions guidance and advice too…
I’m an employer
See content specific to employers.Coronavirus enquiries
What financial support is available from the government for businesses during coronavirus, and how does it work with pension contributions?
The government is offering a range of financial support for business. You can find out the details and check what support you may be eligible for on the government’s website.
Find out about financial support for business during coronavirus on the government’s website
This includes the Coronavirus Job Retention Scheme (CJRS). This offers grants to cover a portion of the costs if you’ve put staff on furlough because of coronavirus.
Find out about claiming wage costs through the CJRS on the government’s website
The Pensions Regulator (TPR) has informed us that employers must continue to meet their auto-enrolment duties and expects you to continue contributing in full, and on time. However, TPR has acknowledged this is a challenging time for employers and confirmed they’ll take a proportionate and risk-based approach. Their aim of focus is on supporting you and your employees at this time.
We don’t currently have to report companies to The Pensions Regulator unless they’re 150 days in arrears (rather than the usual 90 days), but please be aware that you’ll still receive reminders if your payments are overdue as these are sent out automatically.
How do pension contributions work under the CJRS?
If you’re using the CJRS, you should continue to run your payroll as normal and continue contributing to your employees’ pensions at the regular agreed amount. Employee contributions cannot be claimed back under CJRS, so they should continue to pay as per the legal minimums, or whatever is set out in their contract. Until August 2020 you can make a claim through the CJRS for employer contributions up to the minimum contribution levels.
Is the 80% pay promised by the government for workers who would have otherwise been laid off pensionable?
The government has confirmed that the wage costs reimbursed by HM Revenue & Customs are pensionable.
Stay up to date by visiting The Pensions Regulator’s website
Do the CJRS grants cover pension contributions?
Yes, these grants are intended to support employers and their employees by covering a portion of wages and employer pension contributions up to the minimum employer pension contribution. From August 2020, employer pension contributions cannot be claimed through CJRS.
Do the CJRS grants cover pension contributions above the minimum level?
No, the CJRS will not cover any pension contributions you make above the minimum employer contribution of 3%. In the interests of simplicity, the government has aligned the grants with the 3% minimum contribution required by employers. If you contribute above this amount and will continue to do so for furloughed staff, you won’t be able to claim for these additional contributions.
Find out about claiming wage costs through the CJRS on the government’s website
How do we claim CJRS if we have more than one PAYE scheme?
You need to make a separate claim for each PAYE scheme you have.
Can our agent deal with this/claim CJRS on our behalf?
If you use an agent who is authorised to act for you for PAYE purposes, they’ll be able to make a claim on your behalf.
However, if you use a file only agent (who files your RTI return but doesn’t act for you on any other matters) they won’t be authorised to make a claim for you – so you’ll need to make the claim yourself. Your file only agent can assist you in obtaining the information you need to claim.
Is the government going to take further action by suspending auto-enrolment or stopping pension contributions?
Not at the moment. The government has decided wage and pension subsidies are the best way to support you and your employees, without negatively impacting on your employees’ financial future. However, they have said they’ll keep the situation under review, and we’ll update the information here if things change.
So we anticipate that your employees will continue to make their pension contributions. However, they do have the option to opt out or cease saving if they wish.
If you receive requests from your employees about this, you can find some useful information in the ‘Stopping or reducing pension contributions’ section below.
What happens if furloughed staff return to work part-time?
You should continue contributions at the regular agreed amount. Only employer pension contributions for the hours the employee has been furloughed for can be claimed under CJRS. Therefore, you’re responsible for paying full contributions on the hours they’ve worked. Employees should continue to contribute based on their full pay (regardless of hours actually worked).
What is the government doing to ensure employers continue to comply with their workplace pension duties?
The Pensions Regulator set out its expectations of employers in its statement on 20 March 2020. They expect all employers to continue contributing in full and on time. Plus, they’ll be tracking the reporting of and maintaining data on individual employers.
However, they’ve confirmed they’ll take a proportionate and risk-based approach towards compliance and enforcement decisions, with the aim of supporting you and your employees.
Can we stop pension contributions for a set period?
Currently, The Pensions Regulator (TPR) has informed us that employers must continue to meet their auto-enrolment duties. Under current scheme rules and legislation, there’s no ability to take a holiday from paying pension contributions.
However, TPR has acknowledged this is a challenging time for employers and has been clear that its aim is to help employers get back on track and help both employers and savers.
Stay up to date by visiting The Pensions Regulator’s website
Is there currently any flexibility with the percentage of contributions we submit?
Currently there has been no change to legislation, so the current statutory minimums remain the same. If you’re currently paying employees above the minimum, you can reduce this, but contributions must remain above the minimum levels. You can find out what those levels are on our minimum contribution webpage.
Some employees may decide that they wish to stay in the scheme but lower their contribution rate below the minimums. We can help you set this up, but you can’t impose this on your employees as that would be breaking the regulations.
If an employee decides they can’t afford any contributions, they will need to opt out; either online, by phone or by form directly with The People’s Pension. You can’t influence your employees on this decisions as that would be a breach of the regulations.
We pay more than the statutory minimum contributions, can we reduce this?
If you use a defined contribution (DC) pension scheme and your employer contribution under your scheme is more than the statutory minimum, you may be able to decrease it to the statutory minimum. However, you cannot legally reduce your contributions to below the statutory minimum.
Please note that employers with at least 50 employees with a DC pension scheme, are legally required to consult with members if they’re making changes that decrease employer contributions.
Stay up to date by visiting The Pensions Regulator’s website
What should we do if we use salary sacrifice?
If you use salary sacrifice/exchange and you’re claiming wage costs through the CJRS, you may need to amend your payroll processes to calculate the pension contribution to be paid to the pension scheme in order to ensure you still meet your legal obligations.
We recommend you read the guidance for employers that The Pensions Regulator (TPR) has published on their website.
What should we do about pension contributions if we’re temporarily closing and employees won’t be paid during this time?
We don’t report companies to The Pensions Regulator unless they’re 150 days in arrears. So, if all contributions are currently up to date and you plan to open your office within 150 days, we can move your pay reference period to the time that you expect your employees to return to work. You will receive reminders to submit contributions at this time, however these are automated letters.
If you’re unsure as to when you’ll be opening again, best practice would be to ensure contributions are up to date and paid. You’ll then need to mark your employees as scheme leavers and re-add them to the scheme once they return to work.
I’m an adviser
See content specific to advisers.Accessing information about your client’s account
We’re busier than usual so if you contact us for policy-specific information about your client’s account, we may not be able to handle your request during this time.
Information about The People’s Pension
You can find lots of information about The People’s Pension on our website, which should answer most of your questions. For example…
Investments
Common questions from advisers about investments:
- What is the default investment profile with The People’s Pension and what are the investment options for members?
- What investment funds are available through The People’s Pension and where can I see fund performance information?
- Who are the fund managers and what is your approach to responsible investment?
- Where can I see projections for each fund and the correlating growth rates?
- Download the 2020 Defaqto guide to reviewing workplace pension default funds (which is co-sponsored by The People’s Pension)
Charges and features
Common questions from advisers about charges and features:
- What is the member annual management charge (AMC) with The People’s Pension?
- Other costs to the member: transaction costs
- Download The People’s Pension member booklet for more information about features for members
- What are the costs to employers and how do they get set up with The People’s Pension?
- Where do I go to set up or log into my Adviser Centre to access a reduced charge code for my employer client?
- What are the features of The People’s Pension and why should I recommend it to my employer clients?
- Compare The People’s Pension with other master trust workplace pension providers
Policy-specific information
For policy specific information, many of your questions can be answered if your client accesses their account online. For example, members will be able to find information on things like:
- Fund values
- Investment choices
- Beneficiaries
- Selected retirement age
- Transactions and contributions
It’s quick and easy to get set up – your client simply needs to visit our Manage account page to get started. Members will need their customer number and National Insurance number handy. Please note only your client is able to access and set up their own account.
Share our video with your member clients to help them set up their Online Account…
I’m none of these
If none of these apply to you, see our default content.
I’m a member
See content specific to members.Other common enquiries
Managing your pension account online
Common questions about getting into your Online Account:
- How do I set up my Online Account with The People’s Pension?
- What can I do in my Online Account?
- How do I update my personal details?
- Where can I find my customer number?
- What do I do if I get a message saying ‘Sorry, an error occurred while processing your request’ while trying to set up my Online Account?
- My Online Account has been locked as too many incorrect login attempts were made. What do I do?
Claiming pension savings
Common questions about taking pension savings out of The People’s Pension:
Common questions from members who are over 55 and thinking about taking money out:
Transferring or combining your pensions
Common questions about transferring your pensions:
Paying your pension contributions
Common questions about pension contributions:
- How do pension contributions work?
- Can I reduce my pension contributions?
- How do I opt out of my pension?
- I’ve opted out so why is my employer still deducting contributions from my wages?
- Can I opt back in to The People’s Pension if I opt out?
- How do my pension contributions show on my Online Account transactions?
I’m an employer
See content specific to employers.Other common enquiries
Submitting pension contribution data
Common questions about submitting your employees’ pension contributions to us:
Making changes to your Online Services account
Common questions about making changes to your account set up or the way you submit employee data to us:
Stopping or reducing contributions
Common questions from employers about opting out or reducing contributions:
- Download our opt-out factsheet for what to do if an employee doesn’t want to be part of your pension scheme
- Can employees opt back in if they’ve previously opted out?
- Can you refund an employee opt-out before The People’s Pension refund your account?
- Can an employee reduce their pension contributions?
Re-enrolment
Our re-enrolment webpage answers all the common questions on re-enrolment and explains what you need to do for re-enrolment as an employer.
I’m an adviser
See content specific to advisers.Supporting your clients during the coronavirus outbreak
We’re providing information to help answer our members’ and employers’ common questions during the coronavirus outbreak – which you may also find useful to help you support your clients at this difficult time.
Member coronavirus information
See our latest updates to members to help answer their coronavirus-related questions and other common enquiries.
Employer coronavirus information
See our latest updates to employers to help answer their coronavirus-related questions and other common enquiries.
You can also find information to help you support your clients with other non-coronavirus-related enquiries, such as consolidating legacy schemes or re-enrolment, through our Support for advisers webpage.
I’m none of these
If none of these apply to you, see our default content.I’m a member
See content specific to members.Use your Online Account to manage your pension
Log in or set up your Online Account to find out about your account with us and manage your details.
Check our online help and support
You can search our content or use the list of helpful links above to find the answer to your question.
Contact us online by submitting an enquiry form
If you can’t find the answer to your question in your Online Account or our online help and support, contact us online.
I’m an employer
See content specific to employers.Check our online help and support
You can search our content or use the list of helpful links above to find the answer to your question.
Contact us online by submitting an enquiry form
If you can’t find the answer to your question by in your account or our online help and support, contact us online.
I’m an adviser
See content specific to advisers.Check our online help and support
You can search our content or use the list of helpful links above to find the answer to your question.
Contact us by submitting an enquiry form
If you can’t find the answer to your question on our website or in our online help & support, contact us online.
I’m none of these
If none of these apply to you, see our default content.Check our online help and support
Search our website and online help and support to find the answer to your question.
Contact us by submitting an enquiry form
If you can’t find the answer to your question on our website or in our online help & support, contact us online.