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The People’s Pension Trustee Board announces new appointment

The People’s Pension¹ has today announced the appointment of experienced pensions professional, Vicky Paramour, to its Trustee Board.

Vicky has joined six existing Trustee Directors and will oversee the running of the UK’s largest commercial workplace pension scheme, which serves 6.9 million members, or 1 in 5 of the country’s workforce.

A trained pension s actuary, Vicky has over 25 years’ experience in the pensions industry and a decade of experience as a professional trustee. She has worked with a range of schemes, both defined benefit and defined contribution, across a variety of different sectors supporting them on their individual journeys. She has rich experience in pensions which includes governance solutions, scheme design, funding and investment strategy review work, and member engagement.

As well as her role on The People’s Pension Trustee Board, Vicky currently acts as Trustee Director for Lloyds Banking Group Pension Trustees where she chairs the Investment and Funding Committee, and a Trustee on the Church of England Pensions Board where she chairs the Pensions Committee.
Prior to joining The People’s Pension, Vicky was Managing Director at the Law Debenture Pensions Trusteeship and Governance business as well as previously working in a number of consulting roles at EY, WTW and Hymans Robertson.

Commenting on her appointment, Vicky said: “I’m thrilled to join the Trustee Board of The People’s Pension, the UK’s largest commercial master trust, entrusted with securing the financial futures of nearly seven million people. I look forward to working with a talented team and making a meaningful difference for our members.”

Commenting, The People’s Pension Chair of Trustees, Mark Condron said:

“The appointment of Vicky to the Trustee Board is fantastic news. With her wealth of experience in the pension’s industry and proven track record as a trustee, she will bring an invaluable new perspective to our governance. Her broad and detailed knowledge will be instrumental in helping us fulfil our mission of empowering individuals to build stronger financial foundations for the future.”

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Notes to editor:

The People’s Pension is provided by People’s Partnership and is the largest independent master trusts in the UK, serving nearly seven million pension savers and more than 100,000 employers across the UK and manages more than £31bn in assets. As a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.

The People’s Pension appoints Amundi and Invesco to manage £28 billion in assets

The People’s Pension¹, the UK’s largest commercial master trust, has announced a major evolution as it continues to grow towards becoming a world class asset owner with the appointment of two prominent fund managers to oversee large parts of its rapidly growing investment portfolio.

Amundi², Europe’s largest asset manager, will manage £20 billion in passive developed market equities, while Invesco³, will take responsibility for more than £8 billion in fixed income investments for the £32 billion⁴ defined contribution (DC) scheme⁵.

Both appointments represent a step forward in achieving greater alignment with The People’s Pension’s stewardship approach and priorities and will allow it to continue to evolve these high standards.

The passive equity portfolio awarded to Amundi consists of five regional sleeves covering major developed markets and will continue to include climate-focused indices aligned with The People’s Pension’s responsible investment policy⁶. During the selection process, Amundi showed strength in all areas of the team’s balanced scorecard, which was applied to all managers and looked for areas of excellence across six key factors: portfolio construction, people and teams, risk management and systems, firmwide considerations, responsible investment and partnership capabilities⁷.

The fixed income mandate awarded to Invesco spans sovereign bonds, investment-grade credit, and high-yield bonds across the UK, US, Europe and Emerging Markets. The appointment meets The People’s Pension’s requirement for a manager that can serve as a long-term strategic partner, with experience across a range of sub-asset classes as well as being capable of delivering superior returns for members with strong access to markets which is particularly important given the scale at which the Scheme operates.

The mandate also incorporates defined maturity buckets, allowing for greater precision in managing risk and liquidity. Invesco’s approach will feature net zero alignment alongside environmental, social, and governance (ESG) analysis and active engagement with issuers to promote sustainable business practices while delivering robust long-term returns.

Both new managers were selected following an extensive research and due diligence process run by the Equity and Fixed Income teams at People’s Partnership, which provides The People’s Pension.⁸

This move follows the recent transition of £28 billion of assets into segregated mandates held by the Scheme’s custodian, Northern Trust, providing The People’s Pension with greater control, transparency, and flexibility in its investment approach.

Commenting on the appointments, Dan Mikulskis, Chief Investment Officer at People’s Partnership, said: “The appointments of Amundi and Invesco are the culmination of months of work for our team, signalling a major evolution for The People’s Pension as we continue to grow and enhance our investment strategy. As one of the fastest growing asset owners in the UK, we have a responsibility to deliver strong, sustainable returns for our members and a best-in-class investment strategy. Both managers bring exceptional expertise and share our commitment to responsible investment, which is central to our approach.”

Mark Condron, Chair of Trustees for The People’s Pension, said: “Our move to segregated mandates alongside partnering with world-class asset managers demonstrates our ongoing commitment to being a leading force for positive member outcomes in the pensions industry. These appointments highlight The People’s Pension’s broader mission to balance strong financial performance with responsible investment principles. By selecting Amundi and Invesco, we have chosen to prioritise sustainability, active stewardship, and long-term value creation for our near seven million members.”

Valérie Baudson, Chief Executive Officer of Amundi, said: “We are proud that The People’s Pension has chosen to partner with us and we will work with them in the best interests of British pensioners. As retirement regimes in the UK and across the globe continue to evolve, this partnership highlights Amundi’s capabilities in the fast-growing DC market.”

Tony Wong, Senior Managing Director & Co-Head of Investments at Invesco said: “We are tremendously excited to be a long-term partner for The People’s Pension in generating the best possible outcomes for the Scheme’s members by deploying the asset allocation, research and portfolio management expertise of our nearly 200 professionals in our global fixed income team. This a testament to the strength of our global fixed income platform but also delivers the full scope of Invesco capabilities to this strategic partnership.”

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Notes to editors:

1, The People’s Pension is provided by People’s Partnership and is one of the largest independent master trusts in the UK, serving nearly seven million pension savers and more than 100,000 employers across the UK and manages more than £32bn in assets. As a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.
2. As Europe’s leading asset manager among the world’s top 10 players^[1], Amundi offers its 100m clients – individuals, institutions and corporates – a full range of savings and investment solutions in active and passive management, in traditional and real assets. This offer is enriched with services and technological tools that cover the entire savings value chain. A subsidiary of the Crédit Agricole group, Amundi is listed on the stock exchange and currently manages more than €2.2tn in assets under management^[2].

Its six international management platforms^[3], its financial and extra-financial research capacity, as well as its long-standing commitment to responsible investment make it a leading player in the asset management landscape.

Amundi’s clients benefit from the expertise and advice of 5,700 professionals in 35 countries.

Amundi, a trusted partner that acts every day in the interest of its clients and society. www.amundi.com

[1] Source: IPE “Top 500 Asset Managers” published in June 2024 based on assets under management as of 31/12/2023
[2] Amundi data as of 31/12/2024
[3] Boston, Dublin, London, Milan, Paris and Tokyo

3. Invesco Ltd.is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. With offices in more than 20 countries, Invesco managed US$1.85 trillion in assets on behalf of clients worldwide as of December 31, 2024. For more information, visit invesco.com.
4. Fixed income currently forms 20% of The People’s Pension’s main growth stage default and 60% of the retirement default.
5. State Street Global Advisers will continue to manage the remainder of The People’s Pension’s portfolio. The introduction of new asset managers will come into effect by the end of the first quarter of the year.
6. The People’s Pension’s Responsible Investment policy was updated last year. The Climate indices were initially put in place in March 2024.
7. Amundi will also provide The People’s Pension with ESG data, metrics, reporting and data analytics through Amundi Technology’s ALTO platform.
8. Lara Rodriguez and Lindsay Ireland spearheaded the work on equities while Chelsea Parandian and Charlotte Vincent undertook the research on fixed income. Leanne Clements led the responsible investment part of the manager selection process.

People’s Investments Limited appointed primary investment adviser to Trustee of the People’s Pension

The People’s Pension¹ today revealed it has appointed People’s Investments Limited² (PIL) as the primary investment adviser to the Trustee of the People’s Pension Master Trust. This comes after PIL received authorisation from the Financial Conduct Authority (FCA).

The UK’s biggest commercial Defined Contribution (DC) pension master trust will now have a dedicated, in-house team producing investment advice and overseeing the assets, built and developed specifically with the needs of the Trustee and members of The People’s Pension in mind. 

 This announcement comes with the growth of the investment team, overseen by Chief Investment Officer Dan Mikulskis. With 23 investment professionals set to be in place by March, Dan’s team has nearly doubled in size in little over a year. The new hires bring rich experience and expertise across banking, hedge funds, asset management, asset owners and consulting³. 

This latest announcement follows the £32 billion Scheme’s recent statement that it has now reached the scale where it is set to begin investing in private markets from later this year. The People’s Pension already invests 14 per cent of its members savings in UK-based assets within its growth stage default fund. 

PIL will continue to benefit from the expertise of investment consultants where appropriate, using consulting firms on a project basis with a panel of potential providers. 

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

“It has been great to see the development of the investment team within People’s Partnership and we believe we are now at a stage where it is appropriate for the team to take on the primary advisory role to the Trustee.  

  “We thank Barnett Waddingham for their work in this role for much of the last decade which has helped put the People’s Pension in the strong position it is today and for their support in ensuring a smooth handover as we transition to the new arrangements with the maturing of the investment capability within People’s Partnership.” 

 Dan Mikulskis said:

“This is an important stepping stone in building the foundations of a world class asset owner, projected to be overseeing £50bn within the next four years. 

  “Advising our Trustee directly will enable us to find and implement new ideas more efficiently and quickly, leaving additional value in the hands of our members. It will enable us to develop the shared bond between executive and trustee board essential to the long-term success of asset owners.” 

 Chris Fagan, Chair of The People’s Pension’s Trustee Investment Committee, said:

“I am looking forward to working together with Dan and team extremely closely over coming years to deliver great outcomes for members of the People’s Pension. A close partnership between an investment committee and in-house experts is a key part of creating a great asset owner.”

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Notes to editor

1. The People’s Pension is provided by People’s Partnership, and is one of the largest independent master trusts in the UK, serving nearly seven million pension savers across the UK and manages more than £32bn in assets. As a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.

2. PIL is an FCA-regulated subsidiary of People’s Partnership Limited.

3. Recent hires to the investment team have included Phil Butler joining as Deputy CIO from M&G investments, Mark Smith joining as head of Asset Allocation from the Tesco in-house team, Kevin Openshaw as Head of Investment Operations formerly of Mobius life and Cassie Traeger as Stewardship Manager from Columbia Threadneedle. In 2024 co-heads of equity Lara Rodriguez and Lindsay Ireland alongside co-heads of fixed income Chelsea Parandian and Charlotte Vincent joined through the Return Hub bringing background in banking, consulting and hedge funds. Leanne Clements continues to lead the Responsible Investment team bringing many years of experience with asset owners and NGOs.

The People’s Pension appoints new Distribution Director

The People’s Pension has today announced the appointment of Stuart Reid as its new Distribution Director.

Stuart will join the UK’s biggest independent master trust in February having most recently worked at Smart Pension, where he was Director (Workplace Pension), to oversee the continued growth of The People’s Pension. During his 30-year career, Stuart has worked at major companies such as Scottish Widows and Hymans Robertson, developing a rich experience in working with Trustees and Employment Benefit Consultants (EBCs) and developing strong relationships with employers.

He joins the profit for people organisation at a time when The People’s Pension has recently said it is set to begin investing in private markets this year, having reached £30 billion assets under management four months ago.

Stuart Reid said: “I’m thrilled to be joining such a purpose-led organisation, which has a proven track record in driving societal change. I look forward to leading a talented team and building on the huge success that People’s Partnership has enjoyed over the past decade. It’s such an exciting time for defined contribution funds, especially those with the rapidly growing scale like The People’s Pension offers to its 6.9 million members and over 100,000 employers.”

David Meliveo, Chief Commercial Officer at People’s Partnership, provider of The People’s Pension, said: “We are genuinely delighted to bring Stuart on board as he has a rich experience of working in consultancies, insurance and pension providers, and that breadth of almost 30 years’ knowledge will really help The People’s Pension continue to grow in all parts of the workplace benefits market.”

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Notes to editor:

People’s Partnership provides The People’s Pension, is the largest independent master trust in the UK, serving 6.9 million pension savers across the UK and manages £32bn in assets under management (AUM). As a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.describing your block.

The People’s Pension targets investing up to £4 billion into private market assets

The People’s Pension¹ has today revealed that it is set to start investing a significant proportion of the £31bn of assets it manages into private markets later this year, with a target to grow this allocation to £4bn by 2030.

The nation’s biggest independent pension master trust says it is preparing to take its first steps into private market investment in the coming months with the imminent appointment of a Private Markets specialist and creation of a research capability. A substantial part of this new allocation of assets could be deployed in the UK, if assets are available that meet the return requirements.

It is expected that over time The Trustees of The People’s Pension will target allocating up to 10 per cent of growth pool assets – or £4 billion²– by 2030, initially in assets such as infrastructure and real estate. The Scheme has said this allocation will be dependent on it being able to access a ‘dependable pipeline’ of good quality investable assets that meet its return requirements at a fee level that leaves the benefits in the hands of members, and with the right operational structures in place.

This latest announcement follows the £31 billion Scheme’s statement last year that it has now reached the scale to deploy meaningfully into private markets. The People’s Pension already invests 14 per cent of its members savings in UK-based assets within its growth stage default fund.

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

“What we are announcing today is a significant step forward on the path towards The People’s Pension investing in private markets, including key parts of the UK economy.

“We are demonstrating how a responsible asset owner, operating at the right scale, can invest in both the best interests of its members and to the benefit of the wider economy in which they work.”

Rachel Reeves MP, the Chancellor of the Exchequer, said:

“Growing the economy is the number one mission of the Government. This public commitment from one of the UK’s largest independent pension master trusts to invest here, at home in Britain, will help drive economic growth and support our milestone of improving living standards across the UK.”

Patrick Heath-Lay, Chief Executive Officer of People’s Partnership, which provides The People’s Pension, said:

“We’re at a pivotal time for UK pensions with the government indicating a direction of travel toward scale and value for savers. As an independent £31bn master trust, without shareholders, we believe that now is the time to increase our investment in private assets for the benefit of our savers and the growth of the UK economy. The People’s Pension has a vital role to play in this exciting plan for the future of UK retirement savings.”

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

“As one of the fastest growing asset owners in the UK, our in-house investment expertise has grown significantly over the last 12 months and this journey will continue with the imminent appointment of a private markets’ specialist, broadening our investment reach.

“In order for us to invest in private markets over this period it’s critical that the wider investment community, with support of the Government, provide a dependable pipeline of investable opportunities which deliver good value for our 6.8 million savers.”

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Notes to editors:

People’s Partnership provides The People’s Pension, one of the largest independent master trusts in the UK, serving more than 6.8 million pension savers across the UK and manages £31bn in assets. As a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.
This figure is based on projections that the total assets under management of The People’s Pension will reach around £60bn in 2033.

People’s Partnership appoints new Customer Solutions Director

People’s Partnership has today announced the appointment of Victoria Willmott as Customer Solutions Director.

Victoria will join the leading workplace pension provider in January having previously worked at Coutts, where she was Head of Client Journey. In a 20-year career in customer relations and operations, she has held a number of senior roles and has previously worked at Barclays Bank and Deloitte.

She joins the provider of The People’s Pension at a time when it has surpassed £30 billion assets under management and has unveiled a number of recent improvements to its customer journey, including a new member app. Her role at People’s Partnership, which looks after the retirement savings of one in five of the UK workforce, will include overseeing service delivery to both its 6.8 million members and the 100,000 plus employers as well as client banking and charitable trust operations.

Commenting on her appointment, Victoria said: “I am delighted to be joining such a purpose-driven organisation with a strong track record of putting its members at the heart of everything it does. The People’s Partnership’s impressive growth, underpinned by its commitment to delivering excellence and exceptional member outcomes truly resonates with me. With such an exciting future ahead, I look forward to contributing to its mission and collaborating with my new colleagues to further enhance the customer experience.

Angela Staral, Chief Operating Officer at People’s Partnership, said: “Victoria’s appointment is fantastic news for both the members and employers we serve. Her leadership and extensive experience will be instrumental in driving both transformational change and continuous improvement in the service we deliver to our members to help them build stronger financial foundations.”

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Notes to editor:

People’s Partnership provides The People’s Pension, one of the largest independent master trusts in the UK, serving more than six million pension savers across the UK and manages more than £31bn in assets. As a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.

People’s Partnership appoints new Director of Customer Engagement

People’s Partnership¹, the UK’s leading workplace pension provider, is pleased to announce the appointment of Allie Jenkin as its new Director of Customer Engagement.

Allie joins the company with over 20 years of experience in client-facing roles, having held senior leadership positions at Vanguard and Coutts. Leading People’s Partnership’s Customer Engagement operations, overseeing both the customer support hub and guidance teams, she will play a pivotal role in ensuring the company continues to deliver exceptional customer service.

Allie brings extensive expertise in crafting client service strategies, innovation, and scaling operations. Most recently, she served as Head of Client Service and Operations at Vanguard UK, where she was instrumental in developing and growing the company’s direct-to-consumer business and led transformational and large-scale programmes.

Her appointment at People’s Partnership comes at a significant time for the company, while the pension industry undergoes rapid changes. Allie commented on her appointment, saying:

“I am incredibly excited to join at such a crucial time for the company. I live by the philosophy ‘get the brilliant basics right and you can then earn the license to do more,’ and in this new role, there is a real opportunity to deliver great outcomes for customers by focussing on innovative engagement strategies.

“The team’s passion for pensions and its members is infectious, and I am honoured to be part of this leading organisation as we continue to grow.”

Angela Staral, Chief Operating Officer at People’s Partnership, shared her enthusiasm for Allie’s appointment, saying:

“Allie’s passion for client excellence is remarkable. She has a strong mission and purpose, both personally and in the business world. This role requires leadership and a transformational drive to positively impact customer outcomes, helping members make better informed decisions about their future.”

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Notes to editor:

People’s Partnership provides The People’s Pension, one of the largest independent master trusts in the UK, serving more than six million pension savers across the UK and manages more than £31bn in assets. As a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.

People’s Partnership announces appointment of new Chief Finance Officer

People’s Partnership, the leading workplace pension provider, has today announced the appointment of Kay Smith as its new Chief Finance Officer.

Kay, who has a proven track record of leading the financial strategies of large organisations, was previously the Chief Finance Officer at Amwins Global Risks Group and over a career stretching across nearly two decades, has held senior roles at companies such as Finastra and Arthur J Gallagher.

She will be responsible for overseeing the organisation’s financial strategy to support its future growth.

Her appointment is confirmed less than two weeks after it was announced that The People’s Pension had surpassed £30 billion assets under management, confirming People’s Partnership as the biggest independent provider of workplace defined contribution pensions in the UK.

Commenting on her appointment, Kay said: “I feel privileged to join the People’s Partnership team, and I look forward to supporting the great work that my colleagues are doing in such a fast-growing organisation. It is such an exciting time for pensions, and I want to play my part in helping our 6.8 million members grow stronger financially.”

Patrick Heath-Lay, Chief Executive Officer of People’s Partnership, said: “I am delighted that Kay has agreed to join People’s Partnership at a time when we are serving more people than ever before. Her appointment is great news for us and our members as I am confident she will be instrumental in supporting our drive for further growth in a consolidating market.”

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Notes to editor:

People’s Partnership provides The People’s Pension, one of the largest independent master trusts in the UK, serving nearly seven million pension savers across the UK and manages more than £31bn in assets. As a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.

The People’s Pension unveils personalised video statements to simplify pensions for its members

The People’s Pension¹ has launched new personalised video statements to help its members better engage with their retirement savings.

The video statements will be securely delivered by the biggest independent UK master trust directly to members via their online account and will include personalised audio and messages that are specific to the individual account. Within the video statement, the member will see how much they and their employer have added into their pot, any tax relief, and result of investment performance. The statement will also show the member the total amount in their pot.

The new personalised video statements will complement members’ annual statements which they will continue to receive either in the post or digitally.

This is the latest innovation in the last 12 months from the not-for-profit organisation, following the launch of a new set of retirement planning tools, member app and financial well-being offering.

Commenting on the launch of video statements, David Meliveo Chief Commercial Officer of People’s Partnership, provider of The People’s Pension, said:

“We continue to improve what we offer our members and the companies they work for, and I am incredibly excited to announce the launch of personalised video statements. It’s another significant step forward for our aim of making pensions simpler, more accessible, and engaging for our members.

“As a company that manages 1 in 5 of the workforce in the UK, it’s important that we find different ways for our hard-working membership to better engage their pensions, enabling them to make better informed decisions about their future.”

A recent study²of marketing video statistics has revealed that 91 per cent of people have watched an explainer video to learn more about a product or service, and when asked how they’d like to learn about a product or service, watching a short video was preferable (44 per cent).

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Notes to editors:

People’s Partnership provides The People’s Pension, the largest independent master trust in the UK, serving more than 6.8 million pension savers across the UK and manages more than £31bn in assets. As a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.
All figures are taken from Wyzowl’s study on Video Marketing Statistics 2024. Wyzowl, one of the world’s market leading explainer video companies, surveyed 967 unique respondents in late 2023. The sample included both marketing professionals and online consumers. These groups were separated with a preliminary question, to ensure that respondents were only asked questions relevant to them.

People’s Partnership announces appointment of new deputy Chief Investment Officer

People’s Partnership, provider of The People’s Pension, has today further strengthened its rapidly growing investment team with the appointment of Phil Butler as Deputy Chief Investment Officer.

Phil joins the leading workplace pension provider from M&G plc, where he was a multi-asset portfolio manager in the Treasury and Investment Office. Starting his new role this week (December 2), Phil will be overseeing the investment operations and responsible investing teams at People’s Partnership at its City of London office, which opened at the start of the year.

He joins at a time when The People’s Pension recently reached the £30bn assets under management milestone and is expected to reach £50bn in the next four years. Earlier this year the Scheme’s Trustee Board signalled its readiness to invest in private markets, due to the growing scale and expertise.

Commenting on his appointment, Phil said: “I’m delighted to be joining this fantastic organisation. The People’s Pension is one of the fastest growing asset owners in the UK and I have been impressed by their ambition and business outlook. I’m looking forward to working with such a talented team, one that is committed to securing the best outcomes for its 6.8 million members.”

Dan Mikulskis, the Chief Investment Officer at People’s Partnership, said: “Phil’s appointment underlines our commitment to building foundations for The People’s Pension becoming a world class asset owner. He will play a key role in helping People’s Partnership grow our team’s investment capabilities as we continue to make our increased scale work for members.”

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Notes to editors:

People’s Partnership provides The People’s Pension, the largest independent master trust in the UK, serving more than six million pension savers across the UK and manages more than £31bn in assets. As a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.