People’s Pension1 has joined The Investing and Saving Alliance2 (TISA), as part of its commitment to delivering fairer outcomes for all members, including those in vulnerable circumstances.
The move will also see the UK’s largest commercial master trust join TISA’s Vulnerable Customers Working Group, which brings together regulators, vulnerability experts and industry peers to discuss emerging issues and approaches to supporting vulnerable customers throughout their retirement journey.
TISA represents more than 260 organisations across the savings, investments, pensions and wealth sectors. The UK not-for-profit membership organisation works with industry, government and regulators to develop best practise and shape the future of the UK financial services.
Research from the Financial Conduct Authority (FCA) 3 indicates that around half of UK adults display one or more characteristics of vulnerability at any given time, with the number increasing during periods of financial pressure. The scheme, which is provided by the not-for-profit People’s Partnership, recognises the importance of bringing simplicity and fairness to pension savings, and remains committed to continuously improving the tools and guidance available for more than 7 million members, particularly for those less able to engage with retirement planning.
Through its membership of TISA, People’s Pension will be able to contribute to industry discussion, help shape guidance and remain at the forefront of evolving industry standards and regulatory expectations around vulnerability.
Kirsty Ross, Product and Proposition Director for People’s Pension said:
“At People’s Pension, we truly believe that delivering the best possible member outcomes means recognising that each member has specific needs, with some needing more support than others. Vulnerability can affect anyone, whether through financial pressures, health challenges or bereavement.
“Joining TISA provides an important opportunity to learn from other industry experts and help shape the future of support for vulnerable customers. Through discussion and collaboration, we can continue improving our approach and ensure that even more people receive the support they need to make informed decisions about their retirement.”
Mark Westwell, Chair of The Investing and Saving Alliance (TISA) said:
“We are delighted to welcome People’s Pension as our newest TISA member. With extensive experience supporting millions of pension savers and a shared commitment to improving outcomes for consumers, they bring valuable insight that will strengthen the important work of our Vulnerable Customers Working Group.
“Industry collaboration is at the heart of TISA’s work, and we look forward to working with People’s Pension to continue building our collective knowledge, champion good practice and drive meaningful change in how vulnerable customers are supported across the entire financial services sector.”
ENDS
Notes to Editors:
- 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 £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. https://peoplespension.co.uk
- TISA is a not-for-profit membership organisation helping shape the future of the UK financial services with approximately 260 member firms involved in the supply and distribution of savings, investment products and associated services. About Us – TISA
- Financial Lives 2024 survey – Vulnerability & financial resilience: Selected findings