People’s Pension1, the UK’s largest commercial master trust, has been named the winner of the 2025 Principles for Responsible Investment’s (PRI) Innovation in System Stewardship Award2.
The PRI is the world’s leading proponent on responsible investment, with over 5,300 investor signatories, representing more than USD128 trillion in assets under management as of late 2024. The award is therefore particularly impactful given the People’s Pension was judged against its global peers.
The submission stood out among a highly competitive field of 139 applicants who submitted an entry to the PRI Awards in 2025. The awards judging panel, comprising of over 30 independent experts, were deeply impressed by the bold and impactful leadership demonstrated in the submission.
This award recognises People’s Pension as an asset owner that truly puts its money where its beliefs are, demonstrating systemic stewardship in action through two standout initiatives launched within weeks of each other.
People’s Pension led the development of the Asset Owner Statement on Climate Stewardship3, launched in February 2025 and originally signed by 26 investors. Born from a 2023 workshop led by Brunel Pension Partnership, the statement responds to fund managers’ calls for aligned client expectations and sets a clear benchmark for climate stewardship across the investment sector.
People’s Pension reallocated £20 billion in developed market equities to Amundi, chosen in part for its stronger alignment to the scheme’s Responsible Investment Policy. Stewardship was a key factor in the selection, particularly given its significance in indexed strategies.
Mark Condron, Chair of The People’s Pension Trustee Limited, said about winning the award:
“This is an important moment and a testament to the great strides we’ve made in this area. The publication of our updated Responsible Investment Policy in 2024 (and updated in 2025) clearly sets out our principles and commitment to responsible investing.
“We continue to expand our talented investment team with fantastic specialists who are driving this work forward and it’s fantastic to see them receive the recognition they deserve.”
People’s Partnership’s Head of Responsible Investment, Leanne Clements, added:
“This achievement would not have been possible without the support of the wider investment team and most importantly the Trustee. I am grateful to the PRI and the wider industry for acknowledging the great strides we have made in putting the Scheme’s Responsible Investment Policy into practice”.
David Atkin, Chief Executive Officer of the PRI, said:
“We extend our congratulations to People’s Pension on receiving the PRI Innovation in System Stewardship Award. Engaging with other asset owners to develop clear expectations and align capital with climate goals, People’s Pension has helped elevate the standard of stewardship across the investment chain and exemplifies how stewardship can serve as a strategic lever for universal owners to generate long-term financial value for their beneficiaries.”
Notes to editor:
1. People’s Partnership provides People’s Pension, the largest commercial master trust in the UK, serving seven million pension savers across the UK and manages more than £35bn in assets. As a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.
2. The PRI is the world’s leading proponent of responsible investment, convening a network of over 5,000 signatories managing over $128 trillion. It works:
- to understand the investment implications of sustainability and governance
- to support its international network of investor signatories in incorporating these factors into their investment and ownership decisions
The PRI Awards 2025 | PRI Web Page | PRI
4. Leading asset owners collaborate to set climate stewardship expectations – People’s Partnership