People’s Pension reaches £40bn assets under management

The UK’s largest commercial master trust is poised to join world’s top 100 asset owners within the next decade

People’s Pension¹, the UK’s largest commercial master trust, has reached £40bn assets under management (AUM)², cementing its position as one of the fastest growing asset owners in the UK.

People’s Pension has grown by £10bn in just 14 months³ and is expected to surpass £50bn AUM within the next two years and £100bn within the next decade, meaning it would become one of the world’s top 100 asset owners.

As People’s Pension continues its rapid growth, underpinned by strong investment returns, employer confidence, and a long-term commitment to delivering better value for its members, it’s able to leverage this increased scale to innovate and deliver better long-term value for its seven million members.

People’s Pension strengthened its investment approach in 2025 with several significant announcements, including moving £28bn into segregated mandates last February with the appointment of Amundi and Invesco as new asset managers. In December, it announced that Robeco would manage its £3.6bn emerging markets equities portfolio.

Dan Mikulskis, Chief Investment Officer of People’s Partnership, provider of the People’s Pension, said:

“Reaching £40bn in assets under management marks yet another significant moment in the evolution of People’s Pension and reflects the confidence placed in us by members, employers, and advisers. It’s testament to the accomplishment of Automatic Enrolment in bringing millions more people into retirement saving, alongside the success of People’s Pension in providing a top-class home for members’ savings.

“This is another milestone in our journey to becoming a world class asset owner. Over the past year, we have expanded our in-house capabilities and forged new partnerships to support this evolution.

 “Our continued growth brings with it greater responsibility, and as we look ahead, we will build on this progress by continuing to use our considerable scale most effectively to drive value for members.”

Mark Condron, Chair of People’s Pension Trustee, added:

“Just over a year ago, we passed £30bn assets under management, and to already be at £40bn is a huge achievement for People’s Pension.

“As our assets continue to grow, our commitment remains unchanged: to put members’ interests at the heart of everything we do and to use our scale responsibly to deliver long-term value for our members.”

David Meliveo, Chief Commercial Officer of People’s Partnership, provider of the People’s Pension, added:

“At a time when the Government is reforming the market, and calling for larger, better-run schemes, achieving £40bn assets under management reaffirms that People’s Pension has the scale required to meet those expectations. Our focus remains firmly on what matters to our stakeholders, meaning we will continue to enhance our proposition and build on the strong returns we are delivering to our seven million members.

“As a pension with purpose, and with no shareholders to pay, we’re able to use our growing scale to benefit advisers, employers and most importantly our members.”