by Jim Islam
| 2 Feb 2023
What makes People’s Partnership different?
It’s no secret that during the past decade, auto-enrolment has transformed the financial outlook for millions of workers. But there is still much to be done to improve the financial security of people across the country.
When a fifth of adults in the UK have low financial resilience, there is a place for an organisation like People’s Partnership to make a real difference.
“Focusing on members is key to our mission of improving the nation’s financial resilience.”
Our core purpose and values set us apart from the rest of the industry and give us the opportunity to be a powerful force in UK financial services, focused on meeting the real needs of people.
The way People’s Partnership has continued to deliver its social purpose over the past 80 years, not least by making pensions accessible, simple and low cost, is something that I’m extremely passionate about.
Why our members will always come first
As a business without shareholders, we put our members at the heart of what we do and reinvest our profits to benefit them.
What we’re currently seeing in these very challenging economic circumstances is that customer-focused organisations like us have a key role to play in society. When only 1 in 3 people with a pension ‘trust the system’, and 1 in 4 people have low confidence in UK financial services, we can help change that for the better1. Mistrust can have a clear and negative impact on someone’s savings, so our vision is a UK where millions of people lead financially stronger lives because of their trust in us.
What is clear to me about the people who work at People’s Partnership is their shared passion for our members. In lots of organisations, you might find that there are conflicting priorities, because of different stakeholders, such as shareholders. At People’s Partnership, because we are structured without shareholders, our members are at our heart.
Having served on the Board for the past 4 years, I know what a truly fantastic, not to mention hugely impactful, organisation People’s Partnership is, and I am incredibly proud to have been appointed Chair.
What I’ll bring as Chair of Board
As a young boy growing up in Karachi, Pakistan, I really had to focus on education to achieve in life, which led me to become an actuary. Growing up in difficult circumstances, I’m well aware of the importance of social mobility and the need to build financial resilience across all segments of society. My involvement in running one of the largest workplace pensions businesses in the UK has given me genuine insight into the history of auto-enrolment and why its subsequent success, and organisations like People’s Partnership, has such an impact on the financial futures of people across the UK.
One of the great strengths of auto-enrolment is that it had consensus across the political divide and was a project that the UK stuck to through different Governments. This was a policy that required long-term thinking and commitment and with that same vision and commitment, People’s Partnership can make a significant difference, not just to our own members, but to wider society.
My aim as Chair is to build upon the passion of our employees to put our members first. I am motivated by the fact we can make a real difference to the future of this country, because when you work for us, you are not only serving this company but are also serving wider society.
Providing greater financial security to people across the UK
Being customer-centric is built into our DNA, with the focus firmly being placed on working for the customer and always being on their side. Put simply, we live and breathe the needs of our members.
By listening and talking to them, we’ll continue to develop a greater understanding of their needs and be able to help them address some of the challenges.
Our mission is to provide straightforward, accessible, trusted products and support that help people become financially stronger, and I’m very excited to continue playing my part in that as Chair of the Board.
1 Source: FCA Financial Lives Survey February 2020