We’re moving to The People’s Pension
As you might already know, we’re changing your workplace pension scheme shortly.
That means you’ll be a member of The People’s Pension instead of Now Pension.
You don’t need to do anything. The money you’re paying in to your pension will still come out of your wages. Although, you might want to start thinking about setting up an Online Account with The People’s Pension so you can keep track of your savings online and make changes to your account.
Anyhow, we thought this might be a good time to tell you a bit more about your new workplace pension. And share some tips with you on ways that you could make the most of it.
So what is The People’s Pension?
The People’s Pension is a workplace pension scheme provided by a not-for-profit company called B&CE. They’ve been providing pensions for more than 30 years now. Being a not-for-profit company means that they don’t have shareholders, so any profits they make can be used to make things better for their customers.
The People’s Pension has more than three million members (at the last count). Tens of thousands of employers like us have chosen it for their staff. It’s the biggest private-sector automatic enrolment workplace pension scheme in the UK by a mile.
Why have we chosen to move to The People’s Pension?
The People’s Pension has a low annual management charge of 0.5%. That means that all you’ll pay is 50p for each £100 of the value of your account each year. This happens automatically (don’t worry, you won’t get a bill).
It’s won lots of awards, including a Defaqto 5 Star Rating for automatic enrolment. And it’s well known for delivering great customer service through its friendly UK contact teams.
In fact, last year it won Best Overall Customer Service at the Top 50 Companies for Customer Service awards against big high street names like The Met Office, Nationwide and AXA. And the average time The People’s Pension take to answer your call is just ten seconds. So if you need to get in touch, they’ll do everything they can to help you as quickly as possible.
Your pension contributions, and the extra money we pay in, all go towards helping you save as much as possible for later life. We think moving to The People’s Pension, run by trustees whose job it is to make sure your pension is run with your best interests at heart, is another great way to support you.
What we will do next:
From 30th April 2018, no further contributions will be made to Now Pension on your behalf. Instead, we’ll be sending those contributions to The People’s Pension.
Soon after that, they’ll send you some joiner information. You’ll need to read this in detail, as some of the options available to you are likely to have changed (the investment choices available, for example).
What you need to do after that:
Set up your Online Account
Your joiner information will have all the information you need to log into your Online Account with The People’s Pension. You might like to do this as soon as you can.
You see, once you’ve logged in, you’ll be able to update your personal details, keep an eye on your pension pot as it grows, and check your investment options. You’ll also be able to tell The People’s Pension who you’d like to be considered to benefit from your pension if something happens to you before you take your money.
Got several pensions on the go?
You can transfer them (at no charge from B&CE). Having all of your pension savings in one place could make them easier to manage. And by combining all your existing pensions, the charges you pay may be lower.
It’s important that you compare the charges, features and services between the pension you want to transfer and The People’s Pension to see if it’s the best option for you. For more information, please visit www.thepeoplespension.co.uk/transfer-other-pensions.
Any more questions?
If you want to know more about The People’s Pension, you can visit their website: www.thepeoplespension.co.uk.
Alternatively, contact Apex on 0151 652 2573 for more information.
All the best,