Topic: Business Announcement

People’s Pension Reshapes £6bn Pre-Retirement Fund to Further Enhance Member Outcomes

People’s Pension1 today announced significant strategic changes to the £6bn invested in the pre-retirement portion of its default fund, which invests on behalf of nearly 1.7 million of its members who are approaching retirement.

These changes are designed to deliver better long-term outcomes for its older members by improving real returns while continuing to manage drawdown risk carefully.

As part of the reshaping of the strategy, the fund’s fixed income allocation has been significantly restructured. The holding in cash has been reduced, reflecting the declining competitiveness of cash as a long-term strategic asset as interest rates fall. With People’s Pension now using segregated mandates2, a cash buffer is also no longer essential.

The pre-retirement fund has also reduced its exposure to sovereign bonds, such as gilts and treasuries. Recent fiscal concerns have led to heightened volatility in term premiums, resulting in lower risk-adjusted returns from these instruments.

This means the pre-retirement fund will now be anchored around a global portfolio of high-quality, short-dated corporate bonds, actively managed by Invesco3. This portfolio spans investment-grade corporate bonds across the US, Europe, and the UK, as well as selective exposure to US and European high yield. Invesco’s fixed income teams in London, New York, and Atlanta will manage the mandates.

The shorter duration of the corporate bonds that have been selected manages risk and gives the possibility of redeploying maturing assets into higher spread environments should that occur. The global nature of the holdings is important to ensure sufficient diversification and liquidity which is not available in the sterling market alone.

The Investment Management Agreement (IMA) for the partnership between Invesco3 and People’s Pension embeds robust responsible investment expectations – from RI policy alignment to bespoke engagement. The increase in allocation to Invesco-managed bonds therefore means a greater proportion of the pre-retirement fund is now covered by the Scheme’s climate targets, exclusions policy, ESG reporting requirements and other RI objectives.

Active management in fixed income offers distinct advantages over passive approaches, particularly given inefficiencies in index construction and the structure of bond markets. Invesco’s expertise in primary market activity and credit selection is expected to add meaningful value for members.

The equity portion of the pre-retirement fund will continue to be passively managed by Amundi and listed infrastructure by State Street.

The strategy design was informed by People’s Pension’s unique proprietary dataset4, which includes insights from hundreds of thousands of member interactions in the lead-up to retirement representing a range of real-life member outcomes from cash out to ongoing drawdown. Development work continues on future retirement drawdown products for older savers.

Utilising the People’s Pension’s operational setup including segregated mandates at Northern Trust and an experienced in-house operations team these changes were implemented promptly and with a very high level of cost efficiency.

Dan Mikulskis, Chief Investment Officer at People’s Partnership, commented:

“These changes reflect both our asset ownership model which constantly evolves our investment strategy in line with market realities and member needs and the power of our partnership with Invesco. By focusing on high-quality corporate credit, we aim to deliver better real returns while managing risk responsibly.”

Chris Fagan, Chair of the Investment Committee for People’s Pension, said:

“Our driving focus is always to improve outcomes for our members. These changes are grounded in deep analysis and clearly defined investment beliefs, and we firmly believe they will help us to continue to deliver more stable and rewarding retirement journeys for millions of savers.”

Tony Wong, Senior Managing Director & Co-Head of Investments at Invesco, said:

“Invesco is delighted to have supported People’s Pension in the restructuring of its pre-retirement proposition and to play a bigger role through our active credit funds in creating positive outcomes for members at this critical stage in the retirement journey.”

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New research highlights barriers to pension consolidation as People’s Pension unveils digital Pension Finder

The UK’s largest commercial master trust, People’s Pension1 has launched a new free-to-use Pension Finder2 service for its seven million members. This comes as new research shows that many savers still struggle to trace or combine their pension pots. 

The YouGov study3, commissioned by People’s Pension, found that while one in five pension savers (20%) have lost track of a pension, only 6% of all pension savers say they have used a free service to find one. Latest figures estimate there were 3.3 million lost pension pots in the UK, believed to be worth up to £31.1 billion4. 

With almost half (49%) of savers saying that transferring pensions is scary and 17% of those who have previously combined pensions saying it is nearly impossible to find all the information needed to transfer a pension, the new tool will allow members of People’s Pension to search using the name of a previous employer or provider. This removes the need to find policy numbers or contact past schemes – a key reason members drop out of the transfer process. 

Developed in partnership with Pension Lab5, the service automates the retrieval of policy details and brings together fund and charge data so members can compare pensions and understand potential long-term outcomes. It sits within members’ online accounts and integrates seamlessly with existing transfer tools6. Crucially, the new tool includes a deliberate pause before any transfer takes place, giving members time to review all the information, consider guidance and make an informed choice. 

With 53% admitting they don’t really understand how pension transfers work, and 89% agreeing that more should be done to protect people from transferring into pensions that might leave them worse off, Pension Finder is designed to remove unwanted friction, allowing members to consolidate pensions easily, in their own time.  

The launch builds on the scheme’s wider programme to improve the transfer journey, following the introduction of the Pension Consolidation Calculator7 and Pension Overview webpage8.  

Kirsty Ross, Director of Proposition for People’s Pension, said:

“Our research shows that people want the simplicity and ease of keeping their pensions in one place, but too often they find the process too complicated and not transparent enough. Our Pension Finder removes that administrative burden, giving members time and space to think carefully before transferring.  

“We’ve designed it to reflect how people really behave – providing them support at the right time, rather than pushing a transfer before they feel fully prepared or ready. It’s about empowering members to make choices based on clear information, not assumptions. For us, this isn’t just a digital upgrade; it’s another step towards a more transparent, supportive pensions experience that genuinely helps people make the right long-term decisions for their future.” 

Scott Phillips, CEO and founder of Pension Lab, added: 

“Our partnership with People’s Pension brings advanced technology and responsible innovation together to tackle one of the biggest barriers to better retirement outcomes – lost or hard-to-find pensions. By embedding our pension-finding and transfer technology directly within the member experience, we’re making it easier for savers to locate their money, understand their options, and complete transfers safely and confidently. It’s a real step forward in helping savers take control of their pensions and make better long-term decisions.” 

David Meliveo, Chief Commercial Officer for People’s Pension, said:

“I’m incredibly excited about the launch of our Pension Finder tool, which will help our members find all their pension pots and give them a better understanding of whether or not they are on track for the retirement they had hoped for.  

“This innovation is the latest that we have launched, and we have many more in the pipeline, which underlines the huge changes in our business over the last two years. It also reinforces our continued commitment to delivering even more value for our existing 100,000 plus employers and allows us to show our intermediary partners how we have repositioned from an auto-enrolment provider into becoming a leading workplace pension provider.” 

People’s Partnership appoints new Non-Executive Director

People’s Partnership, provider of the People’s Pension1, today announces that Richard Dallas has joined People’s Partnership Limited (PPL) as a Non-Executive Director.

Richard will be joining the PPL Board to help support the continued growth and strategic development of the People Partnership Group, including the Peoples Pension.

With a distinguished 30-year executive career, Richard brings deep commercial, product, and technology expertise from across pensions, financial services and fintech. Known for driving growth, new business models and transformation, Richard has successfully navigated major regulatory and industry changes at prominent companies, including Smart Pension, Aegon, Lloyds Banking Group, Sage Group, and Charles Schwab Inc..

Commenting on his new appointment, Richard said:

“I have for many years admired People’s Pension’s leadership in the UK workplace pensions market. I look forward to bringing my insight and global perspectives to the board to help the executive team continue to excel in supporting its customers whilst driving future growth, shaping strategy and ensuring robust governance.”

Jim Islam, Chair of the PPL Board, added:

“We are delighted to welcome Richard Dallas to the PPL Board. Richard brings a valuable commercial and technology-focused perspective that complements the existing balance of skills and experience on the board.

“His appointment supports our strategic ambitions as we work towards delivering a £60 billion People’s Pension in the next five years, with a longer-term goal of reaching £100 billion within the next decade.”

People’s Pension wins 2025 PRI Innovation in System Stewardship Award

People’s Pension1, the UK’s largest commercial master trust, has been named the winner of the 2025 Principles for Responsible Investment’s (PRI) Innovation in System Stewardship Award2.

The PRI is the world’s leading proponent on responsible investment, with over 5,300 investor signatories, representing more than USD128 trillion in assets under management as of late 2024. The award is therefore particularly impactful given the People’s Pension was judged against its global peers. 

The submission stood out among a highly competitive field of 139 applicants who submitted an entry to the PRI Awards in 2025. The awards judging panel, comprising of over 30 independent experts, were deeply impressed by the bold and impactful leadership demonstrated in the submission.

This award recognises People’s Pension as an asset owner that truly puts its money where its beliefs are, demonstrating systemic stewardship in action through two standout initiatives launched within weeks of each other.

People’s Pension led the development of the Asset Owner Statement on Climate Stewardship3, launched in February 2025 and originally signed by 26 investors. Born from a 2023 workshop led by Brunel Pension Partnership, the statement responds to fund managers’ calls for aligned client expectations and sets a clear benchmark for climate stewardship across the investment sector.

People’s Pension reallocated £20 billion in developed market equities to Amundi, chosen in part for its stronger alignment to the scheme’s Responsible Investment Policy. Stewardship was a key factor in the selection, particularly given its significance in indexed strategies.

Mark Condron, Chair of The People’s Pension Trustee Limited, said about winning the award:

“This is an important moment and a testament to the great strides we’ve made in this area. The publication of our updated Responsible Investment Policy in 2024 (and updated in 2025) clearly sets out our principles and commitment to responsible investing.

“We continue to expand our talented investment team with fantastic specialists who are driving this work forward and it’s fantastic to see them receive the recognition they deserve.”

People’s Partnership’s Head of Responsible Investment, Leanne Clements, added:

“This achievement would not have been possible without the support of the wider investment team and most importantly the Trustee. I am grateful to the PRI and the wider industry for acknowledging the great strides we have made in putting the Scheme’s Responsible Investment Policy into practice”. 

David Atkin, Chief Executive Officer of the PRI, said:

“We extend our congratulations to People’s Pension on receiving the PRI Innovation in System Stewardship Award. Engaging with other asset owners to develop clear expectations and align capital with climate goals, People’s Pension has helped elevate the standard of stewardship across the investment chain and exemplifies how stewardship can serve as a strategic lever for universal owners to generate long-term financial value for their beneficiaries.”

People’s Pension completes pensions dashboards connection

People’s Pension1, the largest commercial master trust in the UK, has today announced its successful direct connection to the pensions dashboards ecosystem. 

The Pensions Dashboards Programme (PDP)2, facilitated by the Money and Pensions Service3 (MaPS), is a UK government initiative aimed at improving planning for retirement and growing financial wellbeing by enabling individuals to easily and securely access all their pension information in one place, including State, workplace, and personal pensions. 

The connection will enable pension data to be available through the Government-backed MoneyHelper4 dashboard and in the future through private sector dashboards. Individuals will be able to see the total value of their pension savings and an estimate of what pension income they might receive at retirement, alongside details of who is managing their pension and where to go to find more information. 

Nigel Rodgers, Chief Information Officer of People’s Partnership, provider of People’s Pension said:

“Connection to the dashboards ecosystem is an important step in modernising pensions technology in the UK, which should help enhance data quality and data management processes across the sector. We’ve been working closely with the Money and Pensions Service to ensure we’re connected as early as possible.” 

Patrick Heath-Lay, Chief Executive Officer of People’s Partnership, provider of People’s Pension added:

“This milestone reflects a major collaborative effort between industry, regulators, and government. We fully support the increased transparency that pensions dashboards will provide UK savers in the future. 

“As dashboards become the main way many people engage with their retirement savings, particularly when making decisions about drawing income, it is vital that pensions dashboards remain tightly regulated.” 

Mark Condron, Chair of The People’s Pension Trustee Limited, said:

“This is a very significant moment for the Scheme, because it is a crucial next step in the evolution of both this master trust and the wider workplace pension industry. It has been great to witness, up close, the teamwork that has gone into making this project a success and is something that will benefit our seven million members.”

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People’s Partnership appoints new Head of Bid Management

The provider of People’s Pension1, the UK’s largest commercial workplace pension scheme, has appointed Laura Ellis as its new Head of Bid Management.

With over a decade of working in sales and business development, Laura joins People’s Partnership at a time of real growth in the business. She’s supported successful teams across a range of industries, including law, insurance, fintech, real estate, as well as employee benefits, pensions, and financial wellbeing. Laura drives excellence in leadership, content writing and pitch coaching, while empowering and managing multiple stakeholders, and departments to create compelling submissions at every stage of the bid process.

Commenting on her appointment, Laura said:

“I’m thrilled to be joining People’s Partnership at such a pivotal point in its growth journey. The company’s clear sense of purpose is already opening doors with target clients, and I’m excited to support the distribution team in executing its growth strategy; defining our messaging to meet client needs; and ultimately driving successful outcomes to help get us the win!”

Stuart Reid, Distribution Director at People’s Partnership, said:

“I am delighted to welcome Laura Ellis to our ever-growing team at People’s Partnership.

“With a deep understanding of the Defined Contribution and workplace landscape, she will bring a wealth of experience and insight that will be critical as we continue to expand our presence in these key markets. Laura will be instrumental in driving forward our strategic priorities and her leadership will help shape the next phase of our growth journey, ensuring we remain at the forefront of innovation, client engagement, and long-term value creation.

“We’re excited about the positive impact this will have on our seven million members as we build momentum and deliver on our ambitions in the years to come.”

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Good Things Foundation and People’s Partnership join forces to tackle digital and financial exclusion

Good Things Foundation1, the UK’s leading digital inclusion charity, has joined forces with People’s Partnership, a not-for-profit pension provider serving 7 million members to help low-income and digitally excluded adults build the skills and confidence they need to manage their money online.

People’s Partnership2, which provides the People’s Pension scheme, will support Good Things Foundation’s free online learning platform, Learn My Way, by co-developing a new module. The collaboration also includes a digital journey audit and a series of webinars delivered through the National Digital Inclusion Network.

This announcement marks a significant step for People’s Partnership as it embarks on this new major charity collaboration, bringing its financial expertise into the social sector to reach those often excluded from both digital access and financial planning.

The initiative is timed to support communities ensuring more people can confidently manage their financial future online.

“This partnership is about breaking down the barriers that stop people from confidently engaging with their financial future,”

said Helen Milner OBE, Group Chief Executive of Good Things Foundation.

“By combining our skills in digital inclusion with People’s Partnership’s pensions expertise, we’re empowering low-income and vulnerable adults – many of whom are digitally excluded – to take control of their financial future.”

Nicola Sinclair, Head of Responsible Business of People’s Partnership, said:

“We’re proud to be working with Good Things Foundation on this major charity partnership. As a pension provider with purpose, we’re committed to helping our 7 million members build financial foundations for life, and financial wellbeing forms a central part of this. We passionately believe that everyone deserves access to tools and knowledge to enable them to plan for their future.

“At the heart of both organisations there is a clear commitment to inclusion, and that means making sure no one is left behind in the digital age.”

People’s Partnership CEO celebrates 40 years in the organisation

Colleagues were ‘joined’ by a World Cup winner for a surprise celebration for the chief executive of a leading Crawley employer to mark his 40 years with the business.

Patrick Heath-Lay, who has led the Manor Royal-based People’s Partnership for 12 years, was joined by scores of guests, including his family. During the celebration he received an array of tributes, including a video message from Sir Geoff Hurst, England’s 1966 hattrick hero who is also a West Ham United legend, where Patrick is a season ticketholder.

Patrick’s journey to CEO for People’s Pension, the biggest commercial defined contribution workplace pension providers in the UK is a remarkable one, having started at the not-for-profit organisation, which was previously known as B&CE, on August 5 1985, aged 16. His mother, who worked at Crawley Job Centre, secured him the interview which landed him a role in the post room. He began his rise through the ranks, which saw him train as an accountant and eventually run various departments such as finance and marketing.

In 2012, he established and oversaw the launch of People’s Pension, which has since grown to manage £35 billion of savings for more than seven million members. Since the launch of People’s Pension, the organisation, which was founded in 1942, has grown from approximately 200 colleagues to more than 1,000.

On reaching such a momentous milestone, Patrick said:

“It has been a privilege to build my career within this purpose led organisation over the past 40 years. For the last 12 years, as CEO, being able to drive the tremendous growth of the People’s Pension has been so fulfilling on many levels.

“I am immensely proud to get to lead something as special as this business, that has a long history of serving the underserved and which continues to be powered by fantastic people. I have been fortunate to work alongside so many incredible colleagues, too many to call out individually, that have made the last four decades such a special journey. In many ways, even after 40 years, this organisation is just getting started at this exciting time for the pensions industry. I’d just like to say a huge thank you to everyone I’ve worked with past and present and how lovely it is to stop for a moment and reflect upon this milestone.” 

David Meliveo, Chief Commercial Officer at People’s Partnership, attended the celebration and said: “It was great to see so many people come together to celebrate the remarkable achievements of a leader who has made a positive contribution to both the pensions industry as well as the local community in Crawley. The success behind our very special organisation comes from his relentless focus on making People’s Partnership a purpose-lead organisation, which focuses on the needs of its members rather than shareholders.”

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People’s Partnership appoints new Head of Business Development

People’s Partnership1, provider of the UK’s largest commercial workplace pension scheme, has appointed Max Gist as its new Head of Business Development.

Max has an impressive track record of developing strong relationships in financial services, and particularly the corporate pensions market, bringing a wealth of experience to his new role for People’s Pension. He joins from Aegon, where he was responsible for managing and growing strategic relationships with top employee benefit consultancy firms across the UK.

Throughout his career, Max has played a central role in client engagement, business growth, and relationship management within the corporate pensions market and banking, working at Scottish Widows and Lloyds Banking Group.

Commenting on his appointment, Max said:

“I’m proud to be joining People’s Partnership at such a pivotal time in its journey. Mine and my team’s role will be working closely with employee benefit consultants, employers and trustees to grow People’s Partnership’s workplace pension offering by attracting new, and developing existing, corporate client relationships.

“I look forward to building on the organisation’s strong foundations to support retirement outcomes for even more millions of savers across the UK.”

Stuart Reid, Distribution Director at People’s Partnership, said:

“As our distribution team continues to grow, Max’s appointment represents a significant milestone in strengthening our leadership capacity. He will play a central role in shaping and executing our long-term strategy for growth in the DC and workplace pensions market.

“We expect to continue attracting top-tier talent and major clients as the industry realigns under the new legislation outlined in the Pension Schemes Bill, including the consolidation of DC pension schemes. Max is a key part of the future of People’s Partnership, and it’s great he’s joining at a time when the Pension Schemes Bill will reshape the way the market works.”

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People’s Partnership appoints new Chief Risk Officer to support its continued growth

People’s Partnership1, which provides the People’s Pension, has appointed a Chief Risk Officer to help oversee its rapid growth and transformation.

José Morago joins one of the UK’s fastest growing asset owners from Allianz UK, where he led the risk function within the personal lines and speciality businesses. His career has also seen him hold senior risk executive positions at the Financial Conduct Authority (FCA), Aviva Group and Ageas UK among others and has seen him work across Europe and the USA.

He joins People’s Partnership, which serves seven million pension savers and manages more than £30bn in assets, during a period of significant change for the industry following the launch of the Pensions Schemes Bill2, last month. The appointment means José will oversee the organisation’s risk and compliance functions, playing a pivotal role in guiding the business through a dynamic and evolving pension landscape.

José said of his appointment:

“I’m genuinely excited to be joining People’s Partnership because their strong social values and a commitment to putting customers first align perfectly with my own. In my experience, an organisation that truly focuses on delivering customer value and keeping its promises creates the right environment for effective risk management.

“I’m excited to be able to help continue the development of People’s Partnership’s risk framework and practices as a key enabler of sustainable growth for the business, positive customer outcomes, and stakeholder trust.”

Patrick Heath-Lay, Chief Executive Officer of People’s Partnership, said:

“José’s appointment is fantastic news for the organisation and its members, due to his rich experience and expertise in risk management and regulation. He is joining us during a period of rapid growth for our organisation as well as significant change for the workplace pension sector and I look forward to working with him as we navigate the regulatory changes.”

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