People’s Partnership, formerly known as B&CE, is the provider of The People’s Pension, one of the UK’s largest independent Master Trust workplace pensions. Founded over 80 years ago with roots in the construction industry, it now serves more than 7 million members across all sectors.
In 2026, it remains a standout for its not-for-profit model, where profits are reinvested into the business to keep costs low and service levels high for its members.
Get 100% independent pensions advice today
Our independent financial advisers have a deep working relationship with pension providers across the UK, including Peoples Partnership.
Whether you want to transfer your pension to Peoples Partnership or have an existing pension with then that you want to get the most out of, we can help.
The IFA's we work with can provide independent advice about pension transfers, reviews, drawdown, annuities and much more. Book your free initial consultation with them below:
Products and Investment Strategy
The People's Pension is designed primarily as a workplace auto-enrolment scheme, but it offers the technical features of a modern personal pension.
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Investment Profiles: Members typically start in the Balanced profile (default). You can also choose Adventurous (higher share exposure) or Cautious (more bonds/cash)
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Self-Select Funds: For those who want more control, there are 8 self-select funds, including Ethical, Shariah, and Pre-Retirement options
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Automatic Glidepath: As you approach retirement, your money is gradually moved into lower-risk investments to protect your pot from sudden market drops
The People's Pension Fee Structure (2026)
One of the unique features of this scheme is the Savings Reward system, which actually lowers your percentage fee as your pot grows.
|
Pot Value |
Annual Charge |
Management Charge |
Savings Reward (Rebate) |
|
Up to £3,000 |
£4.50 |
0.5% |
0.0% |
|
£3k to £10k |
£4.50 |
0.5% |
0.1% |
|
£10k to £25k |
£4.50 |
0.5% |
0.2% |
|
£25k to £50k |
£4.50 |
0.5% |
0.25% |
|
Over £50,000 |
£4.50 |
0.5% |
0.3% |
Note: For a £50k+ pot, your effective AMC drops to 0.2%, making it one of the most competitive workplace schemes in the UK for high-value savers.
Putting Your Pension into Drawdown
The People’s Pension offers a full suite of retirement options once you reach 55 (rising to 57 in April 2028):
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Flexi-Access Drawdown: To start this, you typically need a minimum pot of £10,000. You take your 25% tax-free cash and set up a monthly income or take ad-hoc lump sums
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UFPLS (Flexible Lump Sums): You can take chunks of cash directly from your pot. 25% of each chunk is tax-free, and 75% is taxed as income
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Small Pot Lump Sums: If you have multiple pots worth under £10,000 each, you can often cash them out entirely without affecting your future contribution limits (MPAA)
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Annuities: They provide access to an annuity planner to help you secure a guaranteed income for life if you prefer certainty over investment growth
Transferring To and From the Provider
Transferring Into The People's Pension
Consolidation is a major focus for People’s Partnership.
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The Process: You can use the Pension Finder tool in their app to track down old employer pots and move them electronically via the Origo network
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No Charge: There is no fee from People’s Partnership for transferring money in
Transferring OUT
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Portability: You can move your money to another provider (like a SIPP) at any time
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Exit Fees: There are no exit fees for leaving the scheme
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Speed: Pension transfers are generally handled electronically and typically complete within 10 to 15 working days
Pros, Cons, and Customer Reviews
The Pros
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Low Fees for Large Pots: The 0.2% net AMC for larger pots is hard to beat
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Excellent Human Service: Consistently praised in 2026 reviews for helpful, patient staff who answer the phone quickly
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Master Trust Governance: Independent trustees oversee the scheme, ensuring it is run solely in the interest of members
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Responsible Investment: Highly rated for their ESG and sustainable business practices
The Cons
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Limited Direct Investment: You cannot buy individual shares, gold, or commercial property (unlike a full SIPP)
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Minimum Pot for Drawdown: The £10,000 minimum entry for drawdown may be restrictive for those with very small legacy pots
What Customers are Saying
"Simplicity itself. I moved three old pots into one. The online claim process was easy, and the staff on the phone were incredibly helpful." Trustpilot Review, Jan 2026
"The app experience has improved massively this year. I can see exactly how much my pot grew last month and what my estimated retirement income will be." Member Feedback, Jan 2026
How Our IFA Service Can Help
While The People's Pension is an excellent default choice for many, it doesn't offer bespoke financial advice. At Money Help Desk, we connect you with Independent Financial Advisers (IFAs) who can help you optimize your setup.
Our IFA service helps you by:
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Fee Comparison: We calculate if the Savings Reward makes this scheme cheaper for you than a flat-fee provider like Interactive Investor
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Investment Selection: Helping you decide if you should move away from the Balanced default into Adventurous or Ethical funds
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Drawdown Strategy: Planning your monthly withdrawals to ensure you don't cross into the 40% tax bracket
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Legacy Audit: Checking old pots for Guaranteed Annuity Rates before you consolidate them
Whether you’re an existing customer or are considering moving your pension pot over to People's Partnership, get started here for independent advice about whether they is the right pension provider for you.