Topic: Business Announcement

People’s Partnership welcomes highly experienced new Strategy Director

People’s Partnership1 has appointed Jason Whyte as its new Strategy Director to help its drive towards becoming a world class asset owner.  

Jason will be responsible for developing the organisation’s long-term strategy as People’s Partnership continues its rapid growth as a leading provider of workplace pensions in the UK. With £40bn assets under management, People’s Pension, which is provided by People’s Partnership, is one of the fastest growing asset owners in the country. 

Jason joins People’s Partnership from PA Consulting, where he was Head of Life & Pensions, and brings over 30 years’ experience in financial services, including as a consultant to the Life & Pensions industries in the UK and overseas.  

Career highlights include developing the cost case and operating model for what would become Cofunds, building Interactive Investor’s investment platform, designing the original service model for Nest, supporting Chesnara in their recent acquisitions of HSBC UK Life and Scottish Widows Europe, and building a Life & Pensions platform for L&G. 

Commenting on his new role, Jason said: 

“I’m delighted to be joining People’s Partnership at this critical and exciting period for the industry. Pensions play a vital role in the financial well-being of the nation as a whole, and as people are asked to engage more in their own retirement, there has never been a greater need for a provider that does the right thing and is on the members’ side for the long term.  

“I hope that by adding my experience to the team we are building, we can accelerate our strategy and set the new gold standard for UK pensions.” 

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

“Jason has extensive experience and deep expertise in pension strategy, and his appointment is excellent news for People’s Pension and its seven million members.   

“Jason joins us at a time of significant growth for People’s Pension and substantial change across the pensions industry. I look forward to working closely with him as we continue to shape our strategy and make a positive, long-term impact across the UK pension industry.” 

People’s Pension Updates Climate Approach

People’s Pension1, the largest commercial master trust pension scheme in the UK, has today unveiled an updated climate approach2 based on real-word evidence, and designed to align with long-term investment outcomes for its seven million members.

The objective behind the £40 billion Scheme’s decision is to manage climate transition risks to asset values. This will be implemented with a bottom-up approach to reflect differences across markets, asset classes and sectors. This means target-setting will also be considered on a case-by case basis. The Scheme will continue to have a net zero ambition that is aligned with the Paris Agreement.

Global emissions have not moved in a way that is on track to limiting warming to 1.5 degrees, and much of the policy action anticipated five years ago, that the Paris alignment was designed to mitigate the risk of, has not materialised. Additionally, the Scheme recognises that the business case for a low carbon transition has been variable across regions and sectors.

This means People’s Pension has moved away from a singular, top-down ‘1.5°C aligned portfolio’ (limited to no overshoot) target as an investment constraint, emphasising practical, evidence‑based action rather than theoretical scenarios or unrealistic expectations of portfolio decarbonisation. People’s Pension has found that maintaining portfolio targets that are inconsistent with the real world could significantly increase levels of risk with little real benefit.

Addressing climate risks and opportunities in portfolio construction will remain a priority for People’s Pension, based on valuation discipline and risk control, rather than positioning that places too strong an emphasis on climate policy materialising. It will investigate the benefits of an investment strategy of favouring transition leaders within carbon-intensive sectors where fundamentals, valuations and evidence support its investment objectives.

Recognising that global emissions reductions will be driven by companies, policymakers, and the broader economy, and not solely capital reallocation by investors, People’s Pension remains committed to a systemic stewardship-led strategy aimed at supporting the transition while protecting members’ retirement savings. Central to this approach is a strong focus on industry and policy engagement3, where efforts can deliver the greatest impact to its members for the resources deployed. 

In developing this revised positioning, People’s Partnership commissioned sustainable investment specialists Canbury to conduct a comprehensive literature review, spanning both supportive and challenging opinions, as well as soliciting views from leading academics in the field.

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

“This updated approach demonstrates a robust evidence-based process to support climate action that is grounded in a clear objective: to protect and grow our members’ savings. Our industry understanding on how to do this effectively has materially changed since we set our original portfolio-level target  in 2019, and we have a fiduciary responsibility to evolve and adapt to those developments. Additionally, there is seven years of evidence on market-wide decarbonisation and policy change that we believe needs to be adapted to. We believe the retention of a Paris-aligned ambition is important, but it must be rooted in bottom-up realities as to the role that investors can play in achieving it to ensure better outcomes for our members”.     

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

“We remain firm that climate change is a significant long-term financial risk, but that misaligned, or overly ambitious climate strategies can also harm our members if they rely on optimistic assumptions about the speed or nature of transition. Our updated climate approach makes this explicit, and we believe being robustly transparent about this, both to our members and the wider market, is critical. By grounding our approach in real world evidence, we can back a credible transition while safeguarding the retirement outcomes our members rely on.”   

Minister for Pensions unveils new-look People’s Partnership headquarters

Torsten Bell MP, the Minister for Pensions, has officially unveiled the newly re-designed headquarters of People’s Partnership, which provides the People’s Pension to more than seven million savers.

The Minister marked the completion of the extensive redevelopment of the Crawley offices, which took 12 months to complete. It is the first major upgrade to the building in decades, aligning with the organisation’s two other modern offices and supporting the needs of one of the area’s fastest growing employers. People’s Partnership now has over 1,000 employees at its two large Crawley sites and its central London office.

The upgraded headquarters brings a renewed sense of energy and vibrancy to the workplace, with several new facilities designed to ensure every colleague feels welcomed, supported, and able to work collaboratively. The enhanced communal spaces and thoughtfully designed areas for personal reflection and wellbeing, such as dedicated prayer rooms equipped with washing facilities, reflect the organisation’s commitment to creating an accessible, inclusive and respectful environment in which every colleague can feel both valued and inspired.

During his visit, the Minister was given a tour of the new-look HQ and met with People’s Partnership Chief Executive Officer Patrick Heath-Lay, and colleagues from across the organisation. The team explained how they currently support members of the People’s Pension, which is the UK’s biggest commercial master trust, and discussed future plans to continue strengthening services for savers, as well as supporting members into retirement.  

Mr Heath-Lay said: “The Minister’s visit allowed us to showcase the significant investment we are making to attract and retain the talent needed to support the seven million working people who trust People’s Pension with their financial futures. Our colleagues are central to the continued success of the organisation, meaning it is vital to ensure they are able to work in the optimum working environment. I was really pleased that he was able to meet with colleagues who have a genuine understanding of how to meet the needs of real-life savers and work every day to deliver for them.”

The Minister said: “I was delighted to officially open the refurbished headquarters of People’s Partnership and it was fantastic to see the frontline teams in action. This Government has an ambitious programme of reform that will set the direction of the pensions industry for years to come. It’s encouraging to see organisations like People’s Partnership fully engaged in that agenda, who will be instrumental in its delivery. I look forward to their ongoing contributions as we set the path to ensure savers can continue to have financial security in their retirements.”

Rachel Thomas, Head of Workplace at People’s Partnership, who led the redesign project, added: “This significant investment is not just a commitment to our colleagues but also to Crawley, which has been our home for over 60 years. Our growth has been rapid – just seven years ago, we were a team of around 500 – and the renovation of our headquarters has been designed to reflect that scale and ambition. As the largest workplace refurbishment in the area, the project puts colleague wellbeing at its core, creating a brighter, healthier and more inspiring environment for everyone who works here.”

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.”

People’s Partnership announces its first Social Purpose and Sustainable Business Director

People’s Partnership1 has appointed its first Social Purpose and Sustainable Business Director, Nadia Al Yafai, reinforcing its commitment to building financial foundations for life and delivering better financial outcomes for its seven million members. 

With purpose at its core, People’s Partnership, which provides People’s Pension to one fifth of the UK workforce, continues to drive meaningful impact through its Responsible Business activities – from donating £4.6 million from its Charitable Trust since inception, to forging partnerships with organisations like digital inclusion charity, Good Things Foundation2, to help empower over one million people. These efforts remain central to its mission to create positive change and empower communities nationwide. 

Nadia brings extensive expertise, having led the purpose, social impact and mutuality agenda at Royal London, and has held senior roles within numerous financial and professional services organisations. Nadia has served on the Board of the UK industry’s professional body, the ICRS (Institute of Corporate Responsibility and Sustainability), and has served on the Board of leading charity, Groundwork3, which tackles social and environmental challenges locally, from skills training to climate action. 

Commenting on her appointment, Nadia said: 

“As a ‘Pension with Purpose’ organisation, this strategic new role recognises the importance of continuing to define, embed and evidence our social purpose even more deeply across everything we do. We want to stay true to our heritage, while pushing our purpose further than ever to ensure that our products, innovations, and activities, continue to make a real difference to millions in society.” 

Commenting on this new role, Deborah Finlayson, Chief People Officer said: 

“People’s Partnership has always been a purpose-driven organisation. With this vital new role, we are ensuring that our social purpose and mission is centred through everything we do. Pension providers play a central role in building long-term financial resilience for everyone, and the need for values-driven, courageous leadership has never been more important. This isn’t about paying lip service, it’s about delivering transformative products, partnerships and initiatives that will continue to be laser-focused on meeting real societal needs.” 

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

“At a time when so many people are facing financial challenges, it’s vital that we continue to invest and deliver on our commitment to help millions of savers lead financially stronger lives. This is a critical focus for People’s Partnership and will support our ambitions to deliver a purpose-driven, differentiated, market-leading financial services provider that puts people at the heart of everything we do.” 

Leading industry figure joins People’s Partnership as new Non-Executive Director

People’s Partnership1, provider of the People’s Pension, has today announced that leading pensions expert, Jackie Leiper has joined People’s Partnership Limited (PPL) as a Non-Executive Director.  

Jackie brings extensive executive and technical experience in financial services, with deep expertise in pensions and investments. She has held senior roles within Lloyds Banking Group, including Chief Customer & Digital Officer, CEO of Embark Group, and Managing Director of Workplace Pensions, Individual Pensions & Investments.  

Jackie has served on multiple Boards, including Deputy Chair of Scottish Financial Enterprise, Chair of the ABI Long Term Savings Committee, Trustee of the Bank of Scotland Foundation, and the CAF Group Board as Trustee.  

A passionate advocate for gender equality, Jackie has led industry initiatives to close the gender pensions gap and promote women’s financial resilience. 

Commenting on her new appointment, Jackie said: 

“I am delighted to be joining the Board of People’s Partnership at such a pivotal time for workplace pensions as the government review takes shape. I look forward to bringing my experience across both workplace savings and broader financial services sector to support the Partnership’s strategic growth ambitions and its continued commitment to delivering value for its members.” 

Jim Islam, Chair of the PPL Board, added:

“We welcome Jackie to the Board. Her vast experience and proven leadership in pensions and investments will be invaluable as we pursue our strategic ambitions of reaching £100 billion in assets under management within the next decade.  

“The addition of Jackie to the Board underscores our commitment to building stronger financial foundations while driving growth and delivering long-term value for our members.” 

People’s Pension appoints Robeco to manage its £3.6bn Emerging Market Equity portfolio

People’s Pension1, the largest commercial master trust pension scheme in the UK2, has today unveiled the latest phase of its evolution to becoming a world class asset owner with the appointment of Robeco3 to manage its growing emerging markets equities portfolio.

Awarding this £3.6bn mandate to Robeco represents an investment change from a passive approach to an active quantitative strategy for People’s Pension’s emerging markets portfolio and achieves greater alignment with the Scheme’s evolving Responsible Investment (RI) policy. The move to an active approach is designed to deliver higher risk adjusted returns to members.

This decision comes as a result of structural challenges observed in markets and indices in the region, and the strategy will allow People’s Pension, which manages more than £38 billion in assets in total, to set the necessary guardrails to ensure a long-term risk-controlled investment approach to generate good member outcomes.

Robeco was selected following an extensive research and due diligence process run by the Equity team4 at People’s Partnership, which provides People’s Pension to seven million savers – one fifth of the UK workforce.

During the nine-month long selection process, Robeco showed strength in all areas of the team’s balanced scorecard, which benchmarked all shortlisted managers, and looked for areas of excellence across seven key factors: performance, portfolio construction and execution, teams and resources, risk management, firmwide considerations, responsible investment, and partnership capabilities.

Robeco excelled in its commitment to investing in emerging markets and quantitative strategies, and its thoughtful, forward looking and risk aware approach to portfolio construction, approach to partnership and industry-leading RI integration stood out.

Robeco’s appointment comes nine months after People’s Pension announced two new partnerships with Amundi and Invesco, which now manage developed markets equities and fixed income portfolios respectively5.

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

“Today’s announcement is fantastic news for our seven million members as Robeco is committed to enabling us to deliver the very best returns. Forming strong partnerships – such as the one we are forging with Robeco – is central to our strategy. This development is consistent with our aim to deliver the very best returns to members with a best-in-class RI approach.”

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

“The appointment of Robeco by the Trustee is the culmination of an exhaustive search for a partner that aligns to our core investment beliefs. Their cutting-edge approach will enable us to maximise the very best value from emerging markets. Our belief is that a selective active investment approach will lead to better returns for members. This is the latest step towards us achieving our goal of becoming a world class asset owner.”

Weili Zhou, Head of Quant Investing & Research, Deputy CIO, said:

“We are proud to have earned the trust of People’s Pension to manage their emerging markets equity portfolioand to have become one of their strategic partners. Their bespoke solution leverages our market-leading quantitative investment expertise, combined with our proprietary sustainable investment frameworks and innovations. We look forward to working closely with People’s Pension – a valued strategic partner – to deliver the best outcomes for their UK members.”

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.”

ENDS

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.”