Investments Archives - People's Partnership

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.”

Notes to Editor:

People’s Pension is the largest commercial master trust in the UK based on members, serving more than seven million pension savers across the UK and managing £40bn in assets. It is provided by People’s Partnership, a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.
People’s Pension’s updated climate change paper
TPP-Responsible-Investment-Policy.pdf

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.”

Notes to Editors:

People’s Pension is the largest commercial master trust in the UK based on members, serving seven million pension savers across the UK and managing more than £40bn in assets. It is provided by People’s Partnership, a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.
This assessment is determined by membership size. People’s Pension currently has more than seven million members, which, according to publicly available industry data, exceeds the membership of any other commercial master trust.
As of January 16th, 2025
We’ve reached £30bn assets under management – The People’s Pension for Employers

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.”

Notes to editors:

People’s Pension is the largest commercial master trust in the UK based on members, serving seven million pension savers across the UK and managing more than £38bn in assets. It is provided by People’s Partnership, a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.
This assessment is determined by membership size. People’s Pension currently has more than seven million members, which, according to publicly available industry data, exceeds the membership of any other commercial master trust.
About Robeco: Robeco is an international asset management firm specialising in active investment strategies and is a recognised market leader in both quantitative and sustainable investing. With over 30 years of experience in emerging markets, Robeco offers a broad range of solutions across both quantitative and fundamental approaches. Sustainability is deeply embedded in Robeco’s investment decision-making. Its 52-person Sustainable Investing (SI) Centre of Expertise supports clients in achieving their financial and sustainability goals through tailored strategies and long-term capital growth.
Robeco’s client-centric approach and commitment to partnerships are central to its success. The firm works closely with clients to provide investment solutions that align with their objectives, regulatory frameworks and ESG priorities. Robeco’s collaborative model ensures that clients benefit from deep research insights, bespoke strategies, and transparent engagement throughout the investment process.
Lara Rodriguez and Lindsay Ireland spearheaded the work on equities, with Daniel Coombes and Cassie Traeger leading the responsible investment part of the manager selection process.
The announcement about People’s Pension’s appointment of Amundi and Invesco was made in February here.

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

Notes to editors:

People’s Pension serves seven million pension savers across the UK and manages more than £35bn in assets. People’s Partnership is provider of People’s Pension. As a business without shareholders, People’s Partnership reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.
In February People’s Pension announced its move to segregated mandates with the appointment of Amundi and Invesco as its new asset managers here
Invesco is one of the world’s leading asset management firms with 8,500 employees helping clients in more than 120 countries. With $2 trillion in assets under management as of June 30, 2025, Invesco deliver a comprehensive range of active, passive and alternative investment capabilities. For more information, visit http://www.invesco.com/uk. All data as of 1 September 2025 unless otherwise stated.

People’s Pension and Invesco embark on a Collateralised Loan Obligations first for UK Defined Contribution pensions

Invesco¹, one of the world’s leading asset managers has been instructed by People’s Pension², the UK’s largest commercial master trust, to manage over £260mn in AAA-rated Collateralised Loan Obligations (CLOs). Based on research on publicly available data, Invesco understands this is the first time a UK master trust has made a strategic allocation to CLO investments.

AAA CLO tranches can offer strong risk-adjusted returns, diversification, and capital efficiency, which should suit DC scheme default arrangement. Their senior structure helps protect capital, while tapping into a broader credit universe, boosts portfolio resilience and long-term growth for members. The investment will look to combine direct CLO exposure with Invesco’s AAA CLO ETFs, forming 5% of the People’s Pension’s default fixed income allocation.

Earlier this year, People’s Pension appointed Invesco to manage its fixed income portfolio.

Charlotte Vincent, the Co-Head of Fixed Income for People’s Pension, said:

“We wanted to diversify our fixed income exposure and offer our members an innovative long-term income generating solution as part of their default investment. We believe Invesco’s ability to access the CLO market through AAA ETFs has made this accessible and offers the transparency, liquidity and investment outcomes we are seeking to achieve. AAA CLOs can be integrated into mainstream fixed income strategies, and we believe delivering these through ETFs, can simplify access. By including CLOs, investors can tap into a broader opportunity set, reducing concentration risk and improving overall portfolio resilience.”

AAA CLO ETFs can benefit DC pension schemes:

Pension schemes are under pressure to improve member outcomes with traditional bond allocations suffering from lower relative yields, duration risk, and higher cross correlations. These circumstances created demand for alternatives that can enhance yield without materially increasing credit or liquidity risk.

CLO AAAs provide a high income generating, AAA rated, floating rate asset class, which is more resilient across market cycles with lower correlation levels to the traditional assets that make up a DC pension scheme’s portfolio.

The global CLO market has nearly tripled in size over the last ten years, standing at approximately $1.4tn. Invesco believes this growth reflects how investors are using them to access actively managed pools of senior loans, which offer attractive income characteristics with robust structural protection.

Operational complexity and a lack of straightforward access may have previously been barriers for DC pension schemes However, the rise of CLO ETFs, which offer a diversified, low-cost, transparent vehicle backed by institutional quality due diligence and improved reporting standards, are now making it easier for DC schemes to consider these assets as part of their core fixed income allocation.

These ETFs trade on exchanges, providing the daily liquidity DC pensions scheme may need while still enabling easy subsequent investment scalability.

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

“The best results for members come from true partnership, which is what People’s Pension and Invesco are demonstrating with this announcement. This combines the strengths of asset managers and pension providers to create solutions that are greater than the sum of their parts.”

Scott Baskind, Head of Global Private Credit at Invesco:

“AAA CLO’s offer the widest choice with the highest potential yield, with only an incremental increase in risk levels. Doing this through an ETF structure also offers the investor the flexibility and transparency to make changes without the traditional operational hurdles of accessing CLO’s within a transparent, liquid, and scalable vehicle.

“For pension schemes seeking to strengthen member outcomes in a challenging fixed income environment, CLO AAA ETFs represent a compelling next step in retirement plan innovation.”

Mary Cahani, Head of DC Distribution at Invesco said:

“We continue to strive to deliver innovative solutions to our clients, who are always looking for new ways to generate income. We have a creative and client focused mindset and through collaboration across the investment, solutions and DC distribution teams we are excited to have been chosen to be the People’s Pension’s strategic partner for this fixed income ETF allocation.”

Invesco believes the CLO ETF market, which is still in its infancy, has the potential to grow substantially from both traditional and non-traditional institutional investors.

With increasing demand for alternative investment options, that can enhance yield and limit risk, we believe this is a complementary solution to our members’ current fixed income allocations.

Download the full The strategic case for AAA CLOs white paper

Notes for Editors:

1. Invesco is one of the world’s leading asset management firms with 8,500 employees helping clients in more than 120 countries. With $2 trillion in assets under management as of June 30, 2025, we deliver a comprehensive range of active, passive and alternative investment capabilities. Our collaborative mindset, breadth of solutions and global scale mean we’re well positioned to help retail and institutional investors rethink challenges and find new possibilities for success. For more information, visit http://www.invesco.com/uk. All data as of 01 September 2025 unless otherwise stated.

2. People’s Pension is the largest independent master trust in the UK, serving seven million pension savers across the UK and managing more than £35bn in assets. As a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone. About People’s Partnership – People’s Partnership

Huge increase in support for the Asset Owner Statement on Climate Stewardship

The asset owner coalition behind the groundbreaking Asset Owner (AO) Statement on Climate Stewardship¹ now represents more than USD$2 trillion in savings after eight (8) more leading organisations endorsed the statement.

Launched in February 2025, the AO Statement on Climate Stewardship² sets out clear and consistent expectations regarding climate stewardship for them. It 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. More details on the AO statement can be found here.

The new signatories to the statement are: Caisse des Dépôts (CDC), IRCANTEC, Établissement de Retraite additionnelle de la Fonction publique (ERAPF), Fonds de Réserve pour les Retraites (FRR), Mutuelle assurance des instituteurs de France (MAIF), Malakoff Humanis, Sammelstiftung Vita, and the United Nations Joint Staff Pension Fund (UNJSPF)³.

The statement lead, Leanne Clements, Head of Responsible Investment for People’s Partnership, provider of the People’s Pension, said: “It is fantastic news that the AO Statement on Climate Stewardship has garnered additional support over the past few months. Increased support of the statement will help to raise the collective asset owner voice as owners of capital and strengthen the asset owner-fund manager relationship. Asset owners continuing to set the bar on climate expectations, especially in this challenging external landscape, is extremely critical in the lead up to 2030, for the ultimate benefit of its members.”

Pierre Devichi, Head of Responsible Investment at ERAFP added: “ERAFP is convinced that climate change – together with nature loss – is a key risk for financial stability and financial returns in the long term. As such, and in accordance with its long-term investment horizon and its fiduciary duty, ERAFP is committed to fighting climate change. Studies and experience have shown that stewardship activities – namely voting and engagement – are essential tools to influence the real economy towards decarbonation. Yet, despite this clear alignment of interests, asset managers’ climate stewardship activities must be enhanced. With this statement, ERAFP wants to highlight best practices and clearly set its expectations, aligned with those of many peers, to prompt asset managers to significantly bolster their action in this critical component of sustainable investing in order to effectively serve asset owners’ needs – and ultimately, those of beneficiaries”.

ENDS

Notes for editors:

1. The co-authors of the Asset Owner Statement on Climate Stewardship are Leanne Clements, Head of Responsible Investment for People’s Partnership, provider of The People’s Pension, Vaishnavi Ravishankar, Head of Stewardship at Brunel Pension Partnership and Shipra Gupta, Investment Stewardship Lead at Scottish Widows.
2. Asset owner statement on climate stewardship – The People’s Pension for Members
3. https://thepeoplespension.co.uk/wp-content/uploads/Asset-Owner-Statement-on-Climate-Stewardship-8-Oct-2025.pdf

People’s Pension reaffirms private markets and UK investment target after signing the Mansion House Accord

People’s Pension¹, the UK’s largest commercial workplace pension scheme, has today announced it has signed the Mansion House Accord² (the Accord), a landmark industry-led initiative.

People’s Pension is one of 17 pension schemes to sign the Accord, which commits signatories to the ambition of allocating at least 10 per cent of assets in their main provider-designed DC default funds to private markets by 2030. Within this, at least 5 per cent is targeted specifically for investment in UK private markets—subject to four critical enablers³, including the availability of suitable investable assets for providers⁴.

“Signing the Mansion House Accord reinforces our long-standing commitment to becoming a world class asset owner, to help our 6.9 million members build financial foundations for life,”

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

He continued:

“Providing value to our members remains the key principle behind all of our investment activity, including in this area. Our continued growth in members’ assets, coupled with our growing in-house investment team⁵ means People’s Pension is now well-positioned to broaden our reach into these asset classes. To meet this ambition, we welcome the long-term support from the government to ensure a strong and sustainable pipeline of private investment opportunities.”

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

“People’s Pension has a vital role to play in the exciting, shared vision for the future of the pensions’ industry, which will see bigger, stronger, value-driven schemes that will deliver better value to their members. By signing this Accord, we are reaffirming how seriously we take our commitment to delivering better outcomes, as well as helping to drive UK economic growth.”

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

“As well as signing the Accord we have taken real, concrete steps to build the internal capability, and leverage our scale, to invest in private market assets in a way that leaves value in the hands of members and not asset managers.

“We look forward to continuing our philosophy of building deep partnerships with the right asset managers, alongside specialist internal capability to deliver the best outcomes for members. Current global risks highlight some of the benefits of UK assets which are also often cheaper to access than overseas alternatives leaving more value in the hands of members.”

The signing of the Accord follows the announcement earlier this year that People’s Pension would begin allocating a substantial portion of its assets under management to private markets, with a target of 10 per cent by 2030.

ENDS

Notes to editor:

1. People’s Partnership provides 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 £30bn 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. Mansion House Accord is a voluntary industry-led initiative to secure better financial outcomes for Defined Contribution savers by increasing pension investment into private assets.

3. For a successful delivery of this ambition, signatories underline the need, among other things, for the following critical enablers:

a pipeline of UK investment opportunities, which the Government has agreed to facilitate

the whole market, including intermediaries, to shift from cost to value, as well as successful delivery by the Government of the upcoming Value for Money framework

alignment between the Government and FCA on that framework, on the scope of the charge cap and clarity in rules and guidance, and on delivery of the in-train policy change on bulk transfers without consent, when it is in the best interests of savers and subject to necessary safeguards

a pragmatic, well-sequenced approach to the scale tests proposed by Government in a way that ensures competition and innovation in the market and that does not prevent signatories from investing in private markets at scale, in the near term

4. In January, People’s Pension published a report by investments expert Toby Nangle about how pension schemes might best approach investing in private markets: Achieving critical mass – People’s Partnership

5. Appointment of Co-Heads press release here

People’s Partnership appoints new Co-Heads of Real Assets

The provider of the People’s Pension¹ has today announced the forthcoming appointment of two new Co-Heads of Real Assets, to lead its drive into private markets, which will include significant investment in the UK.

The appointment of Marija Simpraga and Raymond Wright means People’s Partnership will have the in-house capability needed to build on the recently announced ambition to invest 10 per cent of its growth pool assets in private markets by 2030, with substantial proportion being UK assets².

Marija brings extensive strategic infrastructure expertise to her new role, having previously led private infrastructure research at Legal & General Investment Management (LGIM), where she focused on European clean energy and digital infrastructure, guiding more than £10 billion in real asset strategies. Previously, she led European utilities equity research at Bloomberg LP, where she integrated ESG factors into financial analysis and developed tools still used across its client network.

With 22 years in pension fund management, Raymond has worked with leading industry firms, including 16 years at British Airways Pensions, where he developed expertise in investment management and portfolio oversight. Throughout his career, he has managed diverse private market assets, focusing on innovative strategies that align with ESG principles, manage risk, and drive performance across various asset classes.

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

“We’re delighted to announce the appointments of two highly experienced fund managers, Marija and Raymond, to lead a key area of our growing investment portfolio.

“This marks an important milestone in the ongoing expansion of the investment team for The People’s Pension, which has nearly doubled in size in just over a year. Their expertise will enable us to ensure we get the best value for our seven million members in an area which presents an exciting opportunity.”

Commenting on her appointment, Marija said:

“I’m excited to co-lead the Real Assets brief for one of the UK’s fastest growing asset owners, focusing on delivering long-term value for our members through strategic investments in real assets.

“Our goal is to develop and implement a scalable private markets strategy that generates strong, risk-adjusted returns by deploying capital in private infrastructure and real estate. We’re committed to achieving positive real-world outcomes alongside financial performance, investing in assets vital to the UK’s economic growth and energy transition.”

Raymond added:

“This is a unique opportunity to not only expand our existing portfolio but also deliver real, tangible benefits to our members by building a strong and dynamic private markets platform from the ground up.

“The investments we make will aim to provide better returns for members, while integrating ESG principles that align with their values.

“I’m looking forward to working with the team to deliver on these ambitions and create a lasting positive impact in both our members’ financial futures and in the broader community.”

ENDS

Notes to Editor:

People’s Partnership provides The People’s Pension, the largest independent master trust in the UK, serving nearly seven million pension savers across the UK and manages more than £30bn in assets. As a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.
In January, The People’s Pension announced its intention to invest in private markets here.

The People’s Pension reappoints Chair of Trustee Board for extended five-year term

The People’s Pension¹, the UK’s largest commercial master trust, today underlined its commitment to strong governance and stability by announcing that its Chair of Trustees, Mark Condron, will remain in post for a further five years.

The announcement of his new five-year term follows three years at the helm of the Board of Trustees, which he first joined in 2020. In Mark’s time as Chair, The People’s Pension, has become one of the country’s fastest growing asset owners and is projected to have reached £60 billion in assets under management by the end of 2030.

Mark’s reappointment comes at a pivotal time for workplace pension schemes which includes the Government focus on encouraging Funds to invest in private markets, including in the UK, and the impending introduction of Value for Money² metrics. Earlier this year The People’s Pension announced that it planned to invest £4bn³, or 10 per cent of its growth pool assets, in private markets with substantial proportion focused on the UK, if assets are available that meet the return requirements.

In February, the Scheme also announced that it was appointing a further two asset managers, Amundi and Invesco⁴, to manage £28bn of its rapidly growing portfolio.

Commenting on his reappointment, Mark said:

“I’m delighted to be asked to Chair for an extended five-year term and am fully committed to helping the Scheme continue its remarkable journey as one of the fastest growing asset owners in the UK. It’s an exciting time for our seven million members as pension funds are continuing to play an increased role in the financial futures of both workers and the nation as a whole.”

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

“It’s fantastic news that Mark has agreed to continue to serve as Chair of Trustees – he is exactly the right person to be chairing The People’s Pension into the next exciting stage of its journey. Strong governance lays at the heart of all good pension schemes, which is why it’s so important that Mark will lead the Trustees for the next five years, a period which promises to be hugely significant.”

During his career Mark has held a wide range of senior positions with responsibility for pensions advisory and administration businesses. He is a Fellow of the Institute and Faculty of Actuaries and an Accredited Professional Pension Trustee.

ENDS

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 approximately £30bn in assets. As a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.
Last year, the Financial Conduct Authority (FCA) consulted on detailed rules and guidance for a new value for money (VFM) framework for savers invested in default arrangements of workplace defined contribution pension schemes.
In January, The People’s Pension made this announcement about private markets: The People’s Pension targets investing up to £4 billion into private market assets | People’s Partnership
The People’s Pension appoints Amundi and Invesco to manage £28 billion in assets | People’s Partnership

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.”

ENDS

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.