Profit for people
Profit for people is our way of saying not for profit. It means we reinvest our profits to help customers.
We’re a different financial services business
We’ve grown from a small, construction-focused business to a major player in the workplace pension market. We now help 1 in 5* UK workers save for a better retirement.
As a business set up without shareholders, we reinvest our profits to help customers and achieve better financial outcomes for everyone.
What we do that makes us different
Products for everyone
Provide straightforward and accessible products and services that can benefit everyone.
Customers before profit
Put customers at the heart of what we do and prioritise their needs ahead of making money.
Trusted for life
Build long term relationship with customers and earn their trust through living our values and vision.
Better for society
Improve our industry by championing better financial outcomes for people.
*1 in 5 UK workers applies to those aged 22 and over with a workplace pension.
^During 2023, we provided members of The People’s Pension with a total of c.£1.5 million rebate on their management charge every month. For further information visit thepeoplespension.co.uk/member-annual-management-charge.
All figures correct as of April 2023.
What we mean by profit for people
Profit for people is our way of saying not for profit. Being a not-for-profit organisation means we can be firmly focused on helping our customers, without having to worry about shareholders’ interests.
Financial products: Every provider charges administration fees for their financial products, like the annual management charge on your pension.
Running costs: These charges cover things like day-to-day running costs and expert management of the customers’ money.
Providing value: With us, all the money that’s left over after running costs is used to provide value to the customer.
Shareholders: But with many other providers money is leaked out of the business into shareholders’ pockets.
How we provide value
Because we don’t have shareholders, there’s a lot more we can invest in such as:
- Giving back to customers with The People’s Pension rebate on the annual management charge (over £1m^ in total every month).
- Giving money back to our workplace insurance customers after covid when they didn’t get the full benefit of their product during lockdown.
- Research & insights to influence the industry for the better. We campaign for gender equality, ethical, social governance and financial advice.
- Moving customers to better value products when the legacy ones stop offering good value.
- Increasing the benefit rates to our life cover without increasing the cost to customers.
What’s more, we make all our decisions for our members’ best interests first and foremost.
How People’s Partnership puts members first
We are best known for the defined contribution pension scheme – The People’s Pension – which gives everyone a chance to lead financially stronger lives.
With a market-leading track record in delivering straightforward workplace pensions to everyone, we offer a competitive pricing model and a strong default fund which over 95% of members invest in.
Our approach works
Reinvesting profits means we can provide award-winning products and customer service.
A different sort of team
Our industry-leading experience, and a shared passion for simple & fair, makes us stand out from the crowd.
How we give back
We think it’s important to contribute to people and communities who need support.