Topic: Engagement

A crackers idea? People’s Pension rewrites rules of pensions engagement with festive event at Victoria Station

People’s Pension1 spread a little festive cheer at Victoria Station this weekend with a Christmas cracker giveaway designed to get more people talking about their pensions.

With the help of two life-size model reindeer, the workplace pension provider handed out more than 3,500 crackers that were specially designed to spark pension conversations. As well as chocolate coins and pension-themed Christmas jokes2, each contained a message about the value of saving for our futures.

Passers-by were invited to pull a cracker with the People’s Pension team, with a donation from each going to its Charity of the Year, St Catherine’s Hospice3 in Crawley, which provides vital care and support across Sussex and Surrey.

The festive event was part of an innovative public engagement campaign by People’s Pension called the #PensionDrop4, which aims to rewrite the traditional rules of pension engagement by finding new ways to ‘drop’ helpful pension facts, tips and nudges into people’s everyday lives.

Molly Handley, Brand Lead at People’s Pension, said:

“We know not everyone loves talking about pensions like we do – and that it can be hard to find time to think about our futures when we’re so busy today. That’s why the #PensionDrop is experimenting with different ways to have this important conversation.

“By meeting people where they are, whether that’s on their travels through Victoria Station, or through the social media influencers they follow, we hope to encourage more people to think about their pension. Saving a little and often towards our retirement is the best gift we can give to our future selves, which is the message we were spreading at Victoria Station, alongside a lot of festive cheer.”

Research4 from People’s Pension found that nearly half (47%) of Gen Zs are not engaged with their pension, while 12% believe there’s no point engaging at all because they don’t think they’ll ever be able to retire. Its research also uncovered the types of messages that resonate most with younger savers. For example, 70% are motivated to act knowing that starting to save in their 20s could double their pension pot compared with starting in their 30s.

In response, the #PensionDrop campaign has also been experimenting with dropping pensions facts like this one into partnerships with celebrities and social media influencers who post about a whole range of topics, such as comedian and TV presenter Iain Stirling, manifesting expert Roxie Nafousi, parenting influencer Warren Hoyte and lifestyle creator Beth Fuller:

‘With a workplace pension, every 80p you put in turns into at least £1.60. It’s a bit like free money from your boss and the government.’

Kirsty Ross, Proposition Director at People’s Pension, said:

“Traditional pensions messaging can put people off, as our research has shown, so it’s time to try something new. Putting pensions tips into crackers might seem a crackers idea, but it’s all part of an important mission to change the way our industry engages with savers.

“By replacing jargon and scare tactics with simple, upbeat messages, we’re showing that saving for the future doesn’t have to be complicated, and that even small steps now can make a big difference later.”

People’s Pension launches new regular planning tool for members

Part of ongoing enhancements to help members make confident retirement choices

The UK’s largest commercial master trust1, People’s Pension2, has launched a new regular income planning tool to support its in-scheme drawdown proposition. 
 
With more People’s Pension savers approaching retirement3 and an increasing need to provide greater support for people in retirement, the launch is the latest in a series of planned proposition enhancements designed to help its seven million members manage their pension savings more sustainably in retirement. The feature is another step towards a fully guided retirement experience, which the provider is developing in response to the evolving needs of its members.  

From today, eligible members who want to set up a regular income can use the planning tool to understand what level of income their savings can support. The new tool, integrated into members’ online accounts, allows them to choose either an income value or a target duration for their income, with projections based on modelling from Hymans Robertson. 

Through a new nine step and 15-minute end to end intuitive journey, members can understand, plan, consolidate and set up their regular income. They can choose to have their income adjusted for inflation, with annual reviews against CPI helping their payments keep pace with rising costs. To promote sustainable withdrawals, the tool will show an updated view of how long income is expected to last each time a user logs into their online account and will issue alerts as pots diminish.

It remains available for members to revisit and adjust as their circumstances change. In addition, eligible members will be able to seek help over the telephone from the People’s Pension team as part of its new retirement guidance service. 

Kirsty Ross, Proposition Director at People’s Partnership, provider of People’s Pension, said:

“As more savers move from building up their pensions to drawing them down, they need tools that make the transition easier. Our new tool supports members in that that shift, offering flexibility backed by clear information and modelling.

“Retirement isn’t a single moment – it’s a series of choices that evolve over time. We’ve designed this tool to help members manage those choices with confidence, giving them a clear view of how long their income could last and the flexibility to adjust as their circumstances change. This latest development is about giving members practical support that fits the way real retirements unfold.”

Stuart Reid, Distribution Director, said:

“Our employer customers are increasingly aware of the duty of care they have; to support staff beyond the workplace and into retirement. Financial wellbeing doesn’t stop at the point of leaving work, and helping employees make confident, sustainable decisions about their pension income is an essential part of that responsibility.

“What we have announced today helps employers feel confident that their employees are better prepared for life after work. It’s another step in strengthening the link between good workplace benefits provision and long-term financial security.”

Paul Waters, Partner, Head of DC Markets, Hymans Robertson, said:

“As the DC-only generation come to take their pension in ever greater numbers, there is a clear need for comprehensive support and guidance from providers.  Financial advice will not be practical for some. However, with the right guidance and tooling, as the People’s Pension are delivering here, it can make a daunting moment far easier and help members maximise their income while spending sustainably.

“We are pleased to be supporting People’s Pension via our Guided Outcomes® APIs to deliver a better retirement for their seven million members.”

The tool complements a wider set of resources designed by People’s Pension to help members make informed choices about their retirement savings, including the Pension Consolidation Calculator and Pension Finder service.

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.” 

New research confirms ‘Value for Money’ metrics can improve pension decisions

New groundbreaking research from People’s Pension1 and the Behavioural Insights Team (BIT)2 provides compelling evidence that ‘Value for Money’ (VfM) metrics can help consumers more effectively compare different pension products.      

Previous research has found that most consumers struggle to effectively identify higher value pension options.3 This new study, published today,4 which involved more than 5,000 UK pension savers, tested whether VfM metrics, similar to the Financial Conduct Authority’s (FCA) proposed industry-facing metrics, helped or hindered consumers when they were asked to compare different pension products.  
 
The research shows simple metrics5 can help consumers better identify higher-value pension products when compared to a factsheet, the current status quo offered by pension providers. 
 
The study consisted of an online randomised controlled trial where pension savers were randomly assigned to view one of four distinct VfM metric designs or a factsheet, which served as the control group. They were asked to shortlist three pensions from eight unbranded options and received a higher score for shortlisting better value pension options. 

The research finds that VfM metrics significantly affect consumer decision-making, with different designs causing participants to focus on different aspects of pensions in their decision-making.  

​​​The study highlights that there is a “sweet spot” in simplification: too much detail can overwhelm, while too little can reduce trust​ and worsen decision making​. For example, consumers were better able to identify higher quality pensions when they were shown a 5-point RAG rating compared to a 3-point RAG rating. 

People’s Pension has previously highlighted that the introduction of pensions dashboards will help consumers track their pensions, however, its research has shown how vulnerable people are in the decision-making process when transferring pensions, meaning the need for easy-to-understand metrics about the value of a product is vital.  

The most recent findings follow previous research6 from People’s Pension and BIT, showing that cash incentives can result in consumers switching their pension to a poorer value option, ignoring the fine print and key information. This new research aimed to examine how consumers can be supported with better value for money metrics when it comes to their pension.      

The study comes ahead of an FCA consultation into VfM metrics, which previously focused on professional users only and where a further consultation is anticipated later in the year. People’s Pension has long called for greater transparency and comparability across the pensions market to improve consumers’ ability to choose, including a consumer version of VfM metrics to be on private-sector pensions dashboards. 

Patrick Heath-Lay, CEO, People’s Pension, said:

“Research tells us that people make decisions about transferring their pension very quickly, often in less than 24 hours. Too often they don’t have the information they need to make a good, comparable decision, and they end up losing out. 

“This latest study from BIT shows that Value for Money metrics, designed for consumer use, is an idea with legs and is something that could ultimately lead to better outcomes for pension savers. Boiling down the most important indicators of the value a pension scheme offers into a metric is more effective in communicating that value than a factsheet. Regulators should make the professional-facing value for money metrics, currently in development, also suitable for consumer use. It’s vital that consumers are easily able to compare the value offered by other pension schemes in a transparent and consistent way, particularly in advance of commercial dashboards being available.” 

Sujatha Krishnan-Barman, Head of Consumers and Business Markets at BIT, said:

“A well-designed Value for Money metric can help people make the right choices for their pensions. Testing and validating these metrics in the real-world is the only way to fully understand how they will affect consumer decisions. It’s important that the industry and regulators consider how they can be developed to make them consistent, comparable, and ultimately in the best interests of consumers.” 

Pension transfers’ risk increases by half a billion pounds in just 18 months

Projected losses from poorly informed pension transfer decisions have increased by half a billion pounds in just 18 months, according to new analysis from People’s Pension1. 

The UK’s biggest commercial master trust has released the latest edition of its Pension Transfer Outcomes Index2, revealing that pension savers could be losing £1.7bn from their pension pots due to poorly informed transfers made in the year to 30 June 2025 – a 42% increase from the £1.2bn at risk from decisions made in 2023.

The Index, which models the financial impact of transferring pensions into higher-charging schemes, shows that this risk has surged by 120% since 2023. As transfer activity continues to rise, the associated risk is growing at an average rate of 22% per year. Based on current trends, the pension provider now forecasts that uninformed transfers will become a multi-billion-pound problem by 2027 – significantly earlier than its previous estimate of the end of the decade4.

Previous research shows pension savers often make pension transfer decisions without fully grasping the financial consequences5. With many struggling to find the basic information they need to accurately compare schemes, new research from People’s Pension6 has found nearly all pension savers (96%) think pension providers should be required to tell people about the impact of the charges they will pay if they transfer a pension to a new provider.

The research also reveals that half of pension savers (53%) don’t really understand how transfers work and a fifth (20%) think they are a gamble. Pension savers lack confidence to make transfer decisions unsupported, with two thirds (65%) saying they need the help of a professional to consolidate a pension.

People’s Pension continues to call for greater collaboration from the pensions industry to enable people to compare their pensions based on the information that matters most. Its five-point-plan7 includes calls to ban transfer incentives and industry collaboration to create a consumer-facing ‘value for money’ framework, which must be clearly displayed on any future commercial pension dashboards.

Patrick Heath-Lay, CEO, People’s Pension, said:

“It’s alarming to see such a rapid escalation of the pension transfers problem, which is fast becoming a crisis, especially when you consider the significant impact on people’s retirement savings. Savers risk ending up with thousands of pounds less and working for years more. And with massive rises in transfer volumes expected when pensions dashboards come into effect, it is essential that the industry acts now to address this issue.

“Pension savers must be able to easily access and compare all the information they need to make informed, educated transfer decisions. It is therefore vital that simple, easy-to-understand comparisons of value are on commercial pensions dashboards when they launch.

“With the Governments pension review focusing on value only in the workplace pension market and a new commission looking at adequacy of saving, it is appalling to see the amount of value being needlessly lost due to the vulnerability of consumers. More onus must be put on providers to flag to members when they are transferring to higher charging schemes to ensure members understand the long term implications. With so many people under pensioned it is unacceptable for savers to be losing out by making uniformed decisions like this.”

To help pension savers understand the long-term impact of charges and assess the effects of transferring pensions on their retirement savings, it recently launched a Pension Consolidation Calculator8. The tool allows pension savers to compare charges across different pensions, see long-term savings projections and understand how small percentage differences in charges can have a large difference on the value of their pension pot at retirement.

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.”

ENDS 

People’s Pension gives £100 million back to its members through its savings reward

People’s Pension1, the UK’s largest commercial master trust, has today revealed that over £100 million has now been given back to its members since 2020 through its groundbreaking savings reward2, as part of its long-term commitment to delivering better retirement outcomes. 

People’s Pension, currently returning over £3 million every month3 to an increasing number of members through its savings reward. The scheme is the only UK workplace pension that applies a best price guarantee on both it’s standard and scheme specific pricing and provides members with a single pension pot, regardless of how many times they are enrolled by different employer

This achievement sets the People’s Pension apart, reinforcing the Scheme’s commitment to delivering long-term value for members. As a not-for-profit organisation, it ensures that members, not shareholders, benefit directly. Over £100 million has already been given back to its seven million members – a powerful example of this purpose-driven approach in action. 

“This is an extremely significant moment – a milestone we are very proud of and a great example of what a pension with purpose looks like. The more the People’s Pension grows, the more we will be able to put back into the pots of our members.”

said Patrick Heath-Lay, Chief Executive Officer of People’s Partnership, provider of People’s Pension.  

“We’re proud to lead by example and show that a better pension experience is possible. Our seven million members are at the heart of everything we do, and our savings reward is just one way we’re helping them build a more secure financial future.” 

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

“To give back £100 million to so many of our members in just five years is the embodiment of the People’s Pension’s differences. The savings reward is a perfect example of putting members first and to reach such a milestone, so quickly, is yet another reminder of our rapidly growing scale.” 

For the average member, the impact is significant. A typical saver earning £25,000 per year and contributing 8 per cent of their salary could save over £12,000 in charges over a lifetime5. In real terms, this means more money staying in members’ pension pots, where it belongs, and with the savings reward continuing to grow, members can expect even greater value in the years ahead. 

ENDS 

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.”

Leading asset owners collaborate to set climate stewardship expectations

An asset owner coalition, representing cUSD$1.5 trillion (cGBP£1.2 trillion) of their members savings, have co-authored1 and endorsed the Asset Owner Statement2 on Climate Stewardship, a new resource for the sector.  Responding to asset managers’ requests, the statement sets out clear and consistent expectations regarding climate stewardship for them.

In the lead up to 20303, asset managers need to intensify their stewardship efforts to address the fiduciary risk that climate-related impacts present. The statement calls on asset managers to evolve and strengthen their climate stewardship strategies in light of the imperative need for climate action.

The Asset Owner Statement on Climate Stewardship aims to facilitate constructive conversations on climate stewardship and embed greater efficiencies into the stewardship chain, empowering asset manager stewardship teams to deliver on their asset owner climate objectives as part of their mandates. Ultimately, the group seeks to raise the bar on climate-stewardship across the investment sector.

Leanne Clements, Head of Responsible Investment at People’s Partnership, provider of The People’s Pension, stated:

“Now more than ever, by working together asset owners and asset managers can contribute to a more efficient and competitive industry, ultimately benefiting members.”

Developed from the Asset Owner ‘Aligning Expectations roundtable’ the statement seeks to address the main challenge identified in the UK Asset Owner Stewardship Review 20234: an ongoing and material divergence between asset owner expectations and implementation of climate stewardship that limits progress towards a net zero world and better outcomes for beneficiaries.

The statement, signed by 26 investors from the UK, Europe, Australia and the US, makes clear its principle-based expectations5 of asset managers on the crucial issue of climate stewardship, as follows:

  1. Industry/market and public policy engagement should be core to the climate stewardship proposition across asset classes
  2. Where permissible, asset managers should prioritise collaborative initiatives to achieve greater impact and embed efficiencies in engagement activities
  3. Asset managers’ prioritisation framework for company engagement should be rooted in a robust theory of change that delivers maximum impact
  4. A systematic approach to voting is imperative
  5. The stewardship function needs to be appropriately resourced

As owners of capital, the coalition, value their asset managers as their strategic partners in delivering value for their members. Created as a resource to support and empower their asset managers in delivering on their behalf, the statement builds on existing industry guidance. It delves deeply into five key principles and provides a clear indication on the level of scrutiny and detail expected.

Lead of this initiative, Leanne Clements, Head of Responsible Investment for People’s Partnership, provider of The People’s Pension, said:

“We, as asset owners, are the owners of capital and the mandates, and in these challenging times it is now more important than ever as an asset owner community to send a strong collective principle-based signal to our asset managers as to what we expect of them. Time is running out in the lead of up to 2030, asset owners and asset managers must work together in partnership to drive meaningful change: not only in the companies in which we invest, but in the underlying economic, social and environmental systems upon which our members depend”.

Vaishnavi Ravishankar, Head of Stewardship at Brunel Pension Partnership, reinforced the message,

“Our collective statement from asset owners representing cUSD 1.5 trillion of assets under management, responds directly to feedback from our managers to hear from asset owners jointly on climate stewardship expectations and represents an important signal to the market. The statement signposts what we, as representatives of our beneficiaries’ long-term interests, consider important for fund managers to demonstrate. We expect this to be a living document that will evolve through ongoing dialogues with our managers but in the first instance, codifies what we consider as best practice to inform manager selection and monitoring.”

Shipra Gupta, Investment Stewardship Lead at Scottish Widows, said:

“Systemic risks and opportunities, like climate change, require systemic and systematic interventions across the investment value chain. This statement sets out a clear principles-based framework of asset owner expectations of their asset managers encompassing the importance of influencing and shaping policy and regulation, of working in collaboration with stakeholders, of using their shareholder rights and responsibilities more effectively, and all of it being embedded in appropriate sectoral strategies and relevant technical expertise.”

Garnering support for the statement remains ongoing as of the date of this press release.  For further information, or to sign up to the statement please contact assetownerstatement@peoplespartnership.co.uk.

ENDS

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 study2 of 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).

ENDS