People’s Pension1, the UK’s leading workplace pension scheme, has today announced that more than £150 million has been given back to its members through its innovative savings reward2.
The savings reward, which was launched in 2020, is central to People’s Pension’s commitment to delivering better retirement outcomes for its seven million members; the more members save, the more People’s Pension gives back, with more than £4 million3 currently being returned to its members every month. The savings reward could be worth as much as £17,2844 to an individual with average salary of £35,000.
This latest milestone follows a number of enhancements to People’s Pension’s member offering including the launch of an annuity guidance service5, personalised video support6 to new members when they are onboarded or existing savers via video statement, as well the creation of its regular income planning tool7 to support its members planning and setting up an income plan at retirement. As an organisation without shareholders, People’s Pension is committed to bringing fairness to pensions by delivering value directly back to its savers.
Looking after one fifth of the UK workforce, People’s Pension is one of the only UK workplace schemes to offer its members a single pension pot, regardless of how many times they have been enrolled by different employers. Alongside this, the scheme applies a best price guarantee across its annual management charge (AMC), helping its members keep more of their money invested.
David Meliveo, Chief Commercial Officer for People’s Pension, said: “Reaching the £150 million milestone is a really significant moment for us and underlines our commitment to fairness. The savings reward is a prime example of how the more we grow, the more we will be able to give back to our savers. After all, this is what we’re all about – a pension provider with a purpose, that puts its members first, and this initiative is just one way we help our members build financial foundations for life.”
Mark Condron, Chair of The People’s Pension, said: “As the UK’s largest commercial master trust and one of the nation’s fastest growing asset owners, this milestone is a powerful demonstration of how we’re able to leverage our increased scale to innovate and deliver better long-term value for our seven million members. As People’s Pension continues its rapid growth, the more we will be able to give back to our members through initiatives like savings reward in the years ahead.”
ENDS
Notes to Editor:
- People’s Pension is the largest commercial master trust in the UK based on members, serving seven million pension savers across the UK and managing £45bn 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. 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.
- Our savings reward is designed to reduce the cost of investing over time, helping members keep more of their retirement savings. Each month, People’s Pension automatically gives back a portion of its profits to members whose pension pots are over £3,000. The more members save, the more they are rewarded, helping reduce the cost of saving for retirement over time. People’s Pension pays you, not them – The People’s Pension for Members
- January 2026 – September 2026
- For a full breakdown of our charging structure, visit: Member management charge | People’s Pension
Over 40 years, assuming a member contributes 8% of their salary each year and their investments grow by 5% annually:
– With a £25,000 salary, their savings reward could reach £11,752
– With a £35,000 salary, it could reach £17,284 - New annuity guidance service for People’s Pension members launched
- Personalised video statements drive strong member engagement for People’s Pension, with nine in ten members remaining fully engaged
- People’s Pension launches new regular planning tool for members
- Over ten years People’s Pension’s investment performance has turned £10,000 into £23,653.44. (30/06/26) and its charges, which remain competitive, are supported by the more than £150million have paid back into People’s Pension via its savings reward initiative.