The provider of the People’s Pension1, the UK’s largest commercial master trust2, has unveiled its new annuity guidance service, as part of its commitment to delivering better outcomes for its seven million members.
Working with market leading Retirement Line3, People’s Pension will now offer free-to-use4 enhanced support to members over 55 years old who want to consider the purchase of a guaranteed income for life through an annuity. This announcement is the latest development in the Scheme’s ongoing enhancements of the retirement options it is offering to its members.
A growing number of people are accumulating larger pension pots through automatic enrolment according to data from the Financial Conduct Authority5, and more are considering annuities as a way to secure a dependable income in later life.
Through its decade-long ‘New Choices, Big Decisions’ research6, People’s Pension has identified a need to better support members with the complex decisions involved in choosing their retirement options, including annuities.
By having access to Retirement Line’s services, People’s Pension members will benefit from a single, dedicated point of contact to help them navigate their retirement journey – from initial guidance through to finalising their annuity. This guidance service includes support to members in completing health questionnaires, helping ensure they are considered for the full range of enhanced or impaired rates offered by providers.
Members will be able to speak with specially trained staff by phone, who will support them in completing health questionnaires and help ensure they are considered for the full range of enhanced or impaired rates offered by providers. They will also have access to interactive online tools and tailored support for vulnerable customers.
Kirsty Ross, Proposition Director for People’s Partnership, provider of the People’s Pension, said:
“This announcement further demonstrates our commitment to supporting members as they approach retirement, by providing clarity at a time when their choices matter most. By offering our members access to Retirement Line, People’s Pension is ensuring they receive clear guidance and personalised support. This is about helping people make confident decisions in later life, with specialist expertise available at every stage of their retirement journey.”
David Meliveo, Chief Commercial Officer for People’s Pension, said:
“Employers want to know their workforce is supported, not just while they’re saving, but when they start making the big decisions that shape life after work. Helping people secure reliable income in retirement is a vital part of that duty of care.
“This new service gives employers confidence that their staff can access specialist, impartial guidance when it matters most. It’s a meaningful step toward improving long-term financial security and ensuring members feel fully supported as they plan for the years ahead.
“This is a great example of how a scheme our size and scale can pass on services to vast numbers of people without it costing them in the long term. While we have millions of members with all sorts of financial backgrounds and needs, this service will really help many of our members who cannot afford personal financial advice. This is a great example of what we stand for.”
Mark Ormston, Chief Compliance Officer at Retirement Line, added:
“We’re delighted to be working with People’s Pension. Especially during a period of competitive annuity rates and strong interest in turning pension savings into secure, guaranteed income. With healthy and growing competition across the annuity market, we look forward to supporting even more consumers in maximising their annuity income by comparing quotes from all the annuity providers on the open market.
“We offer both lifetime and fixed term annuity products on our whole of open market panel, with both products continuing to see increasing demand. In 2025, two thirds of our customers opted for a lifetime annuity, with 80% of these annuities being underwritten based on health and/or lifestyle factors. On average, these consumers received 12% higher annual income compared to the highest standard annuity offered on the open market.
“Whether savers are considering an annuity with all or part of their pension savings, I am confident that People’s Pension members will value the clarity, reassurance and support we provide as they look to make the most of their pension savings.”
Notes to Editor:
1. People’s Pension is the largest commercial master trust in the UK based on members, serving more than seven million pension savers across the UK and managing £40bn in assets. It is provided by People’s Partnership, a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.
2. This assessment is determined by membership size. People’s Pension currently has more than seven million members, which, according to publicly available industry data, exceeds the membership of any other commercial master trust.
3. Retirement Line is the UK’s largest specialist pensions annuity broker offering guidance and support to help savers secure the best income available from the UK’s leading annuity providers. Based in Peterborough, the company is authorised and regulated by the Financial Conduct Authority.
Any questions or further information can be obtained via Mark Ormston, Retirement Line: Mobile: 07581 153270 / Email: mark.ormston@retirementline.co.uk.
4. Members are not charged directly for the service. Where an annuity is purchased, Retirement Line is remunerated through provider commission, a proportion of which is rebated to the member according to the value of the purchase. Larger purchases receive a higher rebate as a percentage. Any rebate is automatically added to the purchase amount, increasing the income secured for the member.
5. Retirement income market data 2023/24 | FCA
6. New Choices, Big Decisions : Insights from a decade of retirement journeys – People’s Partnership