B&CE, the provider of The People’s Pension, is to change its name to People’s Partnership1, it has been announced2.
The announcement coincides with the 80th anniversary of the not-for-profit organisation, which began life providing holiday stamps to the construction industry during the Second World War.
Today, it provides a range of straightforward financial products, including The People’s Pension, which has more than six million members. With assets under management currently more than £17bn and serving more than 100,000 employers across the UK, it has grown to become one of the biggest pension schemes in the country.
Explaining the name change at a launch event, Patrick Heath-Lay, Chief Executive Officer, said it reflects the fact the organisation now serves people in every sector across the UK.
He said:
“We have always been the people’s partner. Founded for social good, as a not-for-profit – or profit for people – organisation, our customers, our members, are always our main focus. And whatever we do, that will never change.
“Our purpose is to help people, from all sectors across the UK, to build financial foundations for life, giving greater financial security to millions.
“So, this isn’t just a name change. For a company that has gone about its business fairly quietly in the past, this is a statement of intent. We want everyone to understand why and how we do what we do and to continue to be different in financial services.”
Reflecting on the history of the organisation, Babloo Ramamurthy, Independent Non-Executive Chairman of the B&CE Group, said:
“Ours is an organisation with a rich heritage stretching across nine decades. Our business was built on serving those workers who were underserved by the financial services industry.
“We’ve never forgotten those roots and the name People’s Partnership perfectly reflects how we build a long-term relationship with our customers and earn their trust through living our values and maintaining a clear focus on our vision.”
ENDS
Notes to editors
1. People’s Partnership is a profit-for-people organisation, which changed its name from B&CE in November 2022. It provides The People’s Pension, a leading workplace pension scheme, serving nearly six million pension savers across the UK. As a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.
2.The B&CE name will be retained for existing products it provides solely for the construction industry, including B&CE Charitable Trust.