Topic: Business Announcement

People’s Partnership appoints Jim Islam as new Chair of Board

As it celebrates 80 years of providing greater financial security to people across the UK, the leading workplace pension provider, People’s Partnership1, appoints life and pensions expert Jim Islam as its new Chair of Board.

The not-for-profit organisation provides a range of straightforward and accessible financial products, including The People’s Pension to more than 6 million people across the UK. With more than £18bn assets under management and serving around 100,000 employers across all sectors, it has grown to become one of the biggest pension schemes in the country.

Jim has been part of the Board since 2018 and will take up his new position on 1 January 2023. He succeeds Babloo Ramamurthy who is stepping down after nearly a decade in the role, overseeing much success including the launch and growth of The People’s Pension.

A qualified actuary, Jim has extensive board level leadership experience in insurance, investment management, and life and pensions sectors, and has held senior finance and general management roles at a number of organisations.

Commenting on his appointment he said:

“It’s a real honour to be appointed Chair of Board for an organisation with such a rich heritage, helping millions of people across the UK become financially stronger. I’m eager to continue building on the great success that Babloo has had over the past decade, ensuring that, as we grow, we continue providing straightforward and accessible products and services that give people greater financial security. At a time when 20 per cent of UK adults – nearly 11m people – have low financial resilience, People’s Partnership has a very important role to play, and I’m excited to be a part of that.”

During his time as Chair, Babloo has been fundamental to the success of The People’s Pension, and he has overseen key decisions that helped pension savers build financial foundations for life, including the introduction of a charging structure which rewards members for saving more, and moving members of legacy products across to The People’s Pension, because it made good financial sense for them.

Babloo commented:

“From introducing holiday stamps for construction workers, to providing a workplace pension for millions of people across the UK, People’s Partnership has had some huge successes over the past eighty years and I’m proud to be part of that history. There is a very exciting future ahead for the organisation, and I am delighted to hand over to Jim as the new Chair of People’s Partnership, to continue to deliver our purpose to help people build better financial foundations for life.”

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Leading workplace pension provider B&CE to change name to People’s Partnership

B&CE, the provider of The People’s Pension, is to change its name to People’s Partnership1, it has been announced2.

The announcement coincides with the 80th anniversary of the not-for-profit organisation, which began life providing holiday stamps to the construction industry during the Second World War.

Today, it provides a range of straightforward financial products, including The People’s Pension, which has more than six million members. With assets under management currently more than £17bn and serving more than 100,000 employers across the UK, it has grown to become one of the biggest pension schemes in the country.

Explaining the name change at a launch event, Patrick Heath-Lay, Chief Executive Officer, said it reflects the fact the organisation now serves people in every sector across the UK.

He said:

“We have always been the people’s partner. Founded for social good, as a not-for-profit – or profit for people – organisation, our customers, our members, are always our main focus. And whatever we do, that will never change.

“Our purpose is to help people, from all sectors across the UK, to build financial foundations for life, giving greater financial security to millions.

“So, this isn’t just a name change. For a company that has gone about its business fairly quietly in the past, this is a statement of intent. We want everyone to understand why and how we do what we do and to continue to be different in financial services.”

Reflecting on the history of the organisation, Babloo Ramamurthy, Independent Non-Executive Chairman of the B&CE Group, said:

“Ours is an organisation with a rich heritage stretching across nine decades. Our business was built on serving those workers who were underserved by the financial services industry.

“We’ve never forgotten those roots and the name People’s Partnership perfectly reflects how we build a long-term relationship with our customers and earn their trust through living our values and maintaining a clear focus on our vision.”

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Notes to editors

1. People’s Partnership is a profit-for-people organisation, which changed its name from B&CE in November 2022. It provides The People’s Pension, a leading workplace pension scheme, serving nearly six million pension savers across the UK.  As a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.

2.The B&CE name will be retained for existing products it provides solely for the construction industry, including B&CE Charitable Trust.

People’s Partnership is the new name of B&CE, provider of The People’s Pension

2022 is a big year for us. We’re celebrating 80 years of creating simple, financial products, that started in the construction industry. And now, we’ve changed our name, to People’s Partnership.  

Throughout those 80 years, people have been at the heart of everything we do, and that’s why our new name, People’s Partnership, better defines us as a different financial services business. As a business without shareholders, we reinvest our profits to help customers and achieve better financial outcomes for everyone.

We’re thrilled about our new name – but it is just the name that changes – not the company.

People’s Partnership will be the provider of The People’s Pension, helping over 6 million people build up their pension savings.

Our Chief Executive Officer, Patrick Heath-Lay says: “During 10 years of The People’s Pension, we’ve grown into a leading provider of workplace pensions and, as People’s Partnership, we will continue to develop and grow for the benefit of our customers, who have always been at the heart of what we do.

“As People’s Partnership, our mission will remain the same – We’ll use our profits to provide straightforward, accessible, trusted products and support that help people become financially stronger.”

Watch a brief video that maps our remarkable history, through to becoming People’s Partnership.

Will the B&CE name disappear completely?

Our roots are construction based, so we’ll continue to offer some employee benefit products to that industry sector under the existing B&CE name, as well as The Charitable Trust.1

Are you a member of The People’s Pension?

If you’re a member of The People’s Pension, you may still see materials referring to B&CE, while we gradually change over to People’s Partnership. But you will hear our new name the next time you call us.

If you haven’t activated your Online Account, why not do it today?  It’s a very simple way to manage all your pension savings in one place. 

We’ve always been the people’s partner and always will be

1 Products under the B&CE name include Lump Sum Retirement Benefit (closed to new customers), Employee Life Cover and Employee Accident Cover. The Charitable Trust offers training grants to individuals and donates to organisations passionate about health and safety or occupational health in the construction industry.

B&CE announces the appointment of new Chief Human Resources Officer

B&CE1, provider of The People’s Pension, has appointed a new Chief Human Resources Officer to its executive team.

Deborah Finlayson brings a huge amount of experience to the organisation, having previously worked at IG Group, where she was Head of Culture, Workplace and Global Service Centre, and Aviva, where she was Group Head of Talent and Performance. She has also worked in the construction, drinks, banking and insurance industries.

B&CE, which will mark its 80th anniversary later this month, provides The People’s Pension to more than six million people – one in five workers – across the UK.

Commenting on her appointment, Deborah said:

“I’m thrilled to be joining the team on the continued journey of growth in a truly purpose-driven organisation. The pensions market is rapidly changing in response to lengthening life expectancy and increasing expectations for later life. 

“Our people will be at the forefront of delivering these changes and ensuring value to our customers and members. I look forward to learning about this exciting business and working closely with my colleagues across B&CE to deliver our strategy.”

Commenting, Patrick Heath-Lay, Chief Executive Officer of B&CE, said:

“I’m delighted to welcome Deborah to B&CE, as she brings with her a wealth of experience and knowledge. The success of every organisation is dependent on its people and Deborah has the skills to help us to build upon the excellent service that we provide to our millions of customers and members.”

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B&CE announces appointment of new Group General Counsel

B&CE, the provider of The People’s Pension1, has appointed a Group General Counsel, to head up its legal team.

Graham Wrightson joins B&CE, which provides pensions to 1 in 5 of UK workers, from Stephenson Harwood, where he was a Partner in the Pensions Group. He will lead B&CE’s legal team and will advise the business on both pension matters and broader, strategic legal issues.

He has 25 years’ experience practising pensions law, providing advice to both corporates and trustees.  He was previously a pensions partner at Squire Patton Boggs and Mercer, where he was Head of Legal Consulting. He is also a Member of the Association of Pension Lawyers.

Commenting on his appointment, Graham said:

“It’s an exciting time to have joined B&CE, an organisation which continues to go from strength to strength and one which leverages that success by helping six million workers save for their futures.  I am looking forward to working with the legal team and playing my part in B&CE’s continued development, while helping people make proper financial provision for later life.”

Sue Hunter, B&CE’s Chief Finance Officer, said:

“Graham’s wealth of experience and leadership qualities will be a huge asset to B&CE. We’re delighted to have him onboard at a crucial time for the pensions industry, and an exciting time for B&CE.”

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The People’s Pension Trustee Board announces new appointment

The People’s Pension1 has today announced the appointment of experienced investment professional, Emma Osborne, to the Trustee Board.

Emma has joined seven existing Trustee Directors and will oversee the running of the workplace pension scheme, which currently has assets under management of more than £17 billion and serves 1 in 5 of the UK workforce.

Emma spent much of her career in institutional investment management, which included being Head of Quantitative Investment Management and Derivatives for Credit Suisse Asset Management and Chief Investment Officer for the international assets of Chubb Corporation, a US insurance company.  She also has experience in risk management for banking and trading operations.

She served as Trustee and latterly Chair of Chubb’s UK DB scheme and is currently a member of the corporate trustee board for three Church of England schemes, as well as an independent member of the investment committee of another scheme. Her other non-executive roles have included being a director of insurance companies and a micro-finance organisation. 

Commenting on her appointment, Emma said: “I’m delighted to be joining the Trustee Board of The People’s Pension, a fast-growing scheme with a straightforward and fair approach to securing the financial futures of millions of members. I’m looking forward to working alongside a strong Trustee team.”

Current Chair of Trustees Steve Delo, who will hand over the reins to fellow Trustee Director Mark Condron next month, said: “Emma’s appointment is great news for the 5.9 million members of The People’s Pension. She brings with her considerable experience of the investment world and of governing large-scale institutions. I believe Emma will bring an invaluable new perspective to the Scheme’s governance.”

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New head of Responsible Investment appointed

B&CE, provider of The People’s Pension1 has reinforced its commitment to investing responsibly with a new appointment to its Investment Business Unit.

The organisation, which provides a pension to one in five UK workers, has appointed Leanne Clements as its new Head of Responsible Investment.

Joining from the independent financial think tank, Carbon Tracker Initiative, where she was Head of Stewardship for the UK and EU, Leanne will develop B&CE’s approach to responsible investing in its management and stewardship of members’ investments.

Previously, she was Campaign Manager for The Association for Member Nominated Trustees and held senior responsible investment roles at multiple UK pension schemes.

Commenting on her appointment, Leanne said:

“I’m delighted to join B&CE at such an exciting time in its history, and at a pivotal time for responsible investment more broadly. I’m looking forward to building on the brilliant work the team has already done in this space and putting the best interests of the six million people saving with The People’s Pension, at the heart of our investment decisions.”  

Jonathan Cunliffe, Managing Director of Investments of B&CE, said:

“Leanne’s credentials and experience are first class and we’re so pleased that she has decided to join our expanding team. Responsible investment is at the very heart of what we’re about and her appointment is great news for our members.”

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Two appointments made to People’s Investments Limited Board

People’s Investments Limited Board1, the company that oversees the investments operation of B&CE2, the leading pensions provider, has made two new key appointments.

Mark Walker and Dawn Turner have been appointed to the five-person Board, which is responsible for independent oversight of around £18bn in investments for all entities within the B&CE Group, the provider of The People’s Pension.

Dawn is an independent advisor and non-e­­xecutive with expertise in responsible investment, sustainable finance and environmental, social and governance risks. Her other independent and advisory roles include renewable energy, social housing, pension investments as well as being the independent Chair of the Gwent Police Joint Audit Committee.

She was the former Chief Executive of the £30 billion investment management company, Brunel Pension Partnership Ltd, and was previously the Chief Pensions Officer for the Environment Agency Pension Fund. That represented the culmination of a 40-year executive career in the financial services and investment industry spanning across utilities, fashion, retail, manufacturing, leisure and environment sectors.

Mark is Chief Investment Officer of Coal Pension Trustees Services (CPT), the in-house executive responsible for the £22bn of investments of the Mineworkers’ Pension Scheme and the British Coal Staff Superannuation Scheme.

Mark was previously Managing Director and Global Chief Investment Officer of the Univest Company, Unilever’s internal investment group. He has also been a partner at Mercer and was head of the London Investment Consulting Unit.

Dawn said: “As an advocate of better futures for everybody, I’m looking forward to the challenges ahead and ensuring that B&CE’s millions of members continue to receive an exemplary service.”

Mark said: “I am delighted to be joining the People’s Investments Limited Board, which plays a vital role in the ongoing success of B&CE and its flagship product, The People’s Pension.”

Jon Cunliffe, Managing Director, Investments of B&CE, said: “Millions of people have put trust in B&CE to invest their savings through our range of products, which means it’s essential that they know their money is well looked after. The appointment of Dawn and Mark, who have so much knowledge and experience between them, is tremendous news for both People’s Investments Limited and our members.”

Ciarán Barr, Chair of People’s Investments Limited, said: “We are very pleased to welcome Dawn and Mark to the Board. Their extensive experience of investment and pensions, along with that of the existing Board members, will be invaluable in supporting our members now and into the future.”

Dawn and Mark will join the existing board of Ciarán Barr, Chair, and other independent non-executive Board members Jez Bezant and Chris Cheetham.

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Notes to editors

  1. The primary functions of the People’s Investments Limited Board are to oversee B&CE’s Investment activities on behalf of the group and its Trustee boards.
  2. B&CE is a not-for-profit organisation, which provides The People’s Pension, a leading workplace pension scheme, serving nearly six million pension savers across the UK. With no shareholders, it uses its profits to help people build financial foundations for life.

Celebrating 10 years of The People’s Pension

I can clearly remember the day The People’s Pension went live to our members – it was also the day that I started in my role as Chief Executive.

Since that nail-biting experience 10 years ago, we’ve been on an incredible journey which has seen us become one of the biggest workplace pension providers in the UK, helping nearly 6 million members to save almost £18 billion for their futures.

In an organisation like ours, we’re focused on looking forward, but sometimes it’s good to look back. This anniversary has given me time to reflect on what we’ve achieved and there is plenty for us to be proud of.

I had the opportunity to talk to Jonathon Stapleton, Editor of Professional Pensions about this – you can watch a clip below where he asked me about The People’s Pension’s auto-enrolment journey over the past decade…

Extraordinary growth from a compelling proposition

I’m not sure I ever thought that the auto-enrolment policy or The People’s Pension would be as successful as they have proven to be. But it was clear early on that that our experience, value driven proposition and quality of service, together with our not-for-profit status enabled us to deliver a compelling proposition to market, to address the challenge of auto-enrolment.

The growth we experienced in the early days was extraordinary – I remember one day when we took on over 1,000 employer customers – and since then, we’ve continued to grow at a consistent rate.

A decade of success

This success has largely been down to our unflinching focus on what is right for the members and putting people above profit; a fact demonstrated by the closure of our B&CE legacy schemes. Moving those pension savers into The People’s Pension, represented better value because the cost of the older scheme’s charges were higher, and the returns are potentially greater for members of the bigger scheme.

The success that we continue to enjoy is also down to the hard work of colleagues past and present. I’m incredibly proud and grateful to them, for everything we’ve achieved together over the past decade.

Continuing to learn and grow

Of course, there have been many challenges along the way, primarily around onboarding so many members and employers, but it has also been tremendously rewarding, especially when we know there is so much more to come. Although 10 years is a significant landmark, it’s only the beginning of our journey to ensure that our millions of members have the means to fund the retirement they deserve.

We’re aware that there’s so much more we can do to support that journey and help our members – now 1 in 5 workers in the UK – to build those financial foundations for life. We’re still at the starting line and are committed to delivering a pension proposition which will continue to evolve and develop with the needs of our membership.

And we continue to grow as an organisation. Our ambitious recruitment plan has seen us add valuable experience to improve the outcomes for our membership. We’re also investing in technology which will meet consumer demands for easily accessible digital products. And we’re getting ready for pensions dashboards, which will really change the pension landscape for the nation’s retirement savers.

Helping members to make the right decision

As we mature, so does our customer base – it won’t be long before an increasing number start making firm plans for life after work. This is a key area of our development and one where there’s an increasing need to provide guidance and support to enable members to make the right decision for them.

Of course, our success so far has been achieved in sync with that of auto-enrolment, which is a shining example of what a successful government policy looks like. We will continue to work closely with policy makers and industry partners to ensure we build on its success and enable even more workers to save for their retirement.

57% of people aren’t saving enough

Our recent research, conducted with the Pensions Policy Institute (PPI), shows that 54% of households and 57% of individuals have not saved enough and are not saving enough. When economic circumstances allow, the government should commit to a plan to implement the Automatic enrolment review: 2017, reviewing auto-enrolment contribution rates over the longer term. Because the consensus is that 8% of banded earnings isn’t enough for people to achieve the retirement income they need.

A fair pension for everyone

One thing our members can be sure of is that we’ll continue to push for more fairness within pensions, because we believe that every worker should have access to a good quality pension, when they want one.

Nobody can predict the future, but I expect the next 10 years with developing pension policy and embedding saving through auto-enrolment will continue to throw up a challenge or two, but one that we at The People’s Pension are fully up for taking on.

information

This article was written when we were B&CE, before we changed our name to People’s Partnership in November 2022.

B&CE, provider of The People’s Pension, appoints new Chief Information Officer

B&CE1, the provider of The People’s Pension, has further bolstered its executive committee with the appointment of a new Chief Information Officer.

Nigel Rodgers has joined the organisation from Curtis Banks, where he was Group Chief Information Officer and led the successful acquisition of Dunstan Thomas (FinTech) in 2020.

During a two-decade career in financial services, he’s also held senior roles at Legal & General, Cofunds and Suffolk Life and is an expert in Change, IT and Strategy.

His responsibilities at B&CE, which, through The People’s Pension, provides a pension to 1 in 5 UK workers, include leading the IT function and driving the digital agenda as the organisation looks for new ways to enhance the customer experience through digitisation.

Nigel Rodgers said:

“I am thrilled to be joining B&CE during this period of organisational transformation as it embraces the digitisation of customer journeys to further enhance the customer value proposition, while continuing to provide excellent value products to millions of UK workers.”

Patrick Heath-Lay, chief executive of B&CE said:

“With the impending introduction of pensions dashboards, Nigel and his team will be pivotal to B&CE’s journey towards offering our 5.8 million members an improved digital experience and I am delighted that he will be joining us.”

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