People's Partnership

What People's Partnership does

People's Partnership is a UK not-for-profit organisation (formerly B&CE, rebranded November 2022) that operates an authorised master trust defined contribution (DC) workplace pension scheme branded as The People's Pension. Founded in 1944 to serve construction workers, it has since repositioned as a mainstream, sector-agnostic provider, now serving over 5 million members across 100,000+ employer accounts and managing more than £40 billion in assets — equivalent to a workplace pension for one in five UK workers aged 22 and over. The organisation functions as a "profit for people" mutual, reinvesting surplus into member outcomes rather than distributing to shareholders, and is governed by a dedicated Trustee board under The Pensions Regulator's master trust authorisation regime.

The core product offering is The People's Pension, a default-investment DC scheme with auto-enrolment capability, complemented by a digital member portal (Online Account), an employer communications toolkit, and integrated payroll submission via third-party platforms such as PensionSync. The default fund annual management charge is capped at 0.75% in line with DWP regulation, with rebates having been applied to benefit 1.3 million members. Supporting technology investments include a multi-year digital transformation partnership with Waracle (signed November 2025) running through 2027, and CX automation capabilities recognised through the Verint EMEA Inspire Awards 2025.

Revenue is generated through pension management charges on assets under management, structured as recurring subscription-style fees against member balances. Distribution is executed through direct employer engagement (relationship management and National Business Development Managers), payroll software integrations, financial advisers, and a self-serve member portal. The customer base spans UK employers of all sizes across all sectors, with employees/workers as the ultimate beneficiaries; the organisation also serves narrower persona segments such as women, ethnic minority workers, and retirees/near-retirees through targeted research, policy engagement, and planned decumulation products. The organisation is UK-only by design, with no public listing, no parent company, and no external equity investors.

Name

People's Partnership

Legal name

People's Partnership

Website

https://peoplespartnership.co.uk

Company type

Private

Founded year

1944

Operating status

Operating

Headcount range

501–1,000 employees

Short description

People's Partnership is a UK not-for-profit master trust operating The People's Pension, a workplace defined contribution scheme serving over 5 million members across 100,000+ employer accounts and managing more than £40 billion in assets.

Ownership category

akta.pro rank

Product category

Workplace Pensions & Retirement Savings

NAICS

Pension Funds (525110), Pension Funds (52511)

SIC

Investment Advice (6282)

akta.pro primary industry

Pension Master Trusts, Superannuation & Provident Funds (FSAAAGAB)

akta.pro secondary industries

Retirement & Pension Wealth (401(k)/IRA/SIPP/Superannuation Retail) (FSAAAAAJ), Pensions & Retirement Benefits Administration (BPAIAKAA), Employer Retirement Plan Advisory (401(k)/Pension) (FSAEABAE)

Keywords

• Workplace pension scheme
• Master trust pensions
• Pension administration
• Auto-enrolment compliance
• Retirement savings management

Headquarters

HQ city

Crawley

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Pension management fees: People's Partnership operates as a not-for-profit master trust pension provider, reinvesting profits into improving services and outcomes for members rather than distributing to shareholders. Revenue is generated through pension management charges applied to assets under management.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels9 records

Core offering

People's Partnership provides The People's Pension, a UK master trust workplace defined-contribution pension scheme that supports automatic enrolment for employers and retirement savings for employees across all sectors. Its core offer includes pension administration, default and self-select investment funds, member online accounts, payroll integration for seamless contribution collection, employer engagement toolkits, and legacy B&CE employee benefit products (closed insurance and stakeholder pension plans).

Product overview

People's Partnership operates as a pension provider offering a unified portfolio centered on The People's Pension, its flagship workplace pension scheme for employees and businesses across all sectors. The core product is complemented by B&CE legacy employee benefit products (including closed insurance offerings), supported by digital tools including an Online Account member portal, Communications Toolkit for employer engagement, and Payroll Integration for seamless data submission. The company partners with third-party platforms like PensionSync for payroll integration and Waracle for broader digital platform enhancement.

Differentiator

Problem solved

Functional benefit

Brands

• The People's Pension: Award-winning workplace pension scheme for employees and businesses in any sector, the main product offered by People's Partnership
• B&CE Products

Products and services

• The People's Pension An award-winning workplace defined-contribution pension scheme for employees and businesses in any sector, providing automatic enrolment, default investment funds, member online accounts and retirement planning tools across the UK.
• B&CE Products Legacy employee benefit products offered under the B&CE name, including Employee Accident Cover, Life Insurance Protection Policy, EasyBuild Stakeholder Pension, RapidCash Injury Insurance and Personal Accident Insurance, mostly closed to new business but continuing to service existing members.
• Online Account Digital member portal enabling pension savers to manage their pension pots online, view statements, update details, access retirement planning tools and consolidate pension pots. Strong online registration correlates with sustained engagement with pension savings.
• Employer Communications Toolkit Free downloadable employer resource containing templated campaign schedules, warm-up emails and letters, posters, WhatsApp templates and videos to help employers engage their staff with workplace pensions and drive online member registration.
• Payroll Integration Integrated service linking employer payroll systems directly to People's Partnership for automated submission of pension contribution data, eliminating manual data entry and reducing errors; delivered via PensionSync and other leading payroll software providers.

Quantifiable outcome

• The average pensioner from an ethnic minority is £3,350 a year worse off than other pensioners (24.4% per annum gap), widening to 51.4% for female ethnic minority pensioners vs. male white pensioners.
• +5 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Partnerships

Eight partnerships are on record, tiered core and minor.

• WaraclecoreTechnology or Integration · 18 November 2025Waracle, a Scottish digital consultancy, secured a long-term, multi-million-pound agreement with People's Partnership to enhance digital platforms and apps for pension management until 2027. The agreement aims to improve transparency and engagement for pension savers and supports People's Partnership's digital transformation for the UK's largest pension fund managing over £35bn in assets.
• WaraclecoreTechnology or Integration · 14 November 2025Waracle signed a multi-million-pound agreement with People's Partnership to improve digital pension services for millions of UK savers. Waracle provides IT and app development services until 2027, building on its recent acquisition of Screenmedia, and supporting the UK's largest pension fund.
• Good Things FoundationcoreStrategic or Co-development PartnerPeople's Partnership is supporting the Good Things Foundation to level up digital skills in the UK, fostering digital inclusivity. This community initiative aligns with People's Partnership's mission to support all UK savers, including those who may be digitally excluded.
• PensionSynccoreTechnology or IntegrationPensionSync is a technology platform for managing pension data that has integrated with The People's Pension. The integration enables employers to automatically submit pension contribution data through their payroll software, providing a seamless, efficient process akin to RTI submissions to HMRC.
• PensionSynccoreTechnology or IntegrationPensionSync hosts webinars with The People's Pension to demonstrate automated payroll-to-pension processing features. Joint webinars explore how employers can benefit from the integrated service, with PensionSync providing live demonstrations.
• The Banks GroupminorStrategic or Co-development PartnerThe Banks Group used The People's Pension communications toolkit and achieved a 63% increase in online member registration. They arranged on-site drop-in meetings to help employees log on and understand their Online Account, demonstrating effective co-development of engagement approaches.
• Pension Management Institute (PMI)minorStrategic or Co-development PartnerThe People's Pension (B&CE) is a sponsor of the PMI Mentoring and Development Programme for the second consecutive year. The 12-month programme pairs mentees with industry specialists, with mentees gaining ILM certification on completion. 8 mentees and 4 mentors from People's Partnership participated in the 2021 programme.
• Construction Workers' Charitable TrustcoreOthersThe Construction Workers' Charitable Trust is administered by People's Partnership for construction workers. Applications for grants are received through referrals from trade unions and the trust provides financial support to eligible beneficiaries in the construction sector.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• NEST Corporation: NEST is the UK's flagship auto-enrolment master trust, directly competing with The People's Pension for workplace pension mandates. Both are large-scale master trusts serving millions of UK workers under similar regulatory and pricing constraints, making NEST the most direct peer.
• Mercer Master Trust: Mercer operates a master trust for UK workplace pensions, directly competing with People's Partnership on employer mandates. Mercer is a global consulting firm that packages governance, administration, and investment services for employers evaluating master trusts.
• NOW: Pensions: NOW: Pensions operates a UK workplace master trust under the same regulatory regime as The People's Pension. It targets employers of all sizes for auto-enrolment, making it a directly comparable master trust competitor.
• Smart Pension: Smart Pension is a leading UK workplace master trust and a direct competitor on auto-enrolment mandates. It pursues a similar GTM combining payroll integrations and employer relationships, competing head-to-head for the same employer customers.

Broad incumbents

• Scottish Widows (Lloyds Banking Group): Scottish Widows offers workplace pensions as part of Lloyds Banking Group's financial services portfolio. It serves UK employers with group personal pensions and supports auto-enrolment, overlapping with People's Partnership at the employer-procurement level.
• Aviva Investors / Aviva Workplace Pensions: Aviva is a major UK life and pensions incumbent with a substantial workplace pension offering (group personal pensions, group SIPPs). It overlaps with People's Partnership in serving UK employers but as part of a much broader retail and corporate benefits portfolio.
• Royal London: Royal London is a UK mutual insurer with a significant workplace pensions and group benefits offering. It serves UK employers on auto-enrolment like People's Partnership but with a broader insurance and protection portfolio.
• Legal & General (Workplace Pensions): Legal & General runs one of the largest UK workplace DC pension businesses alongside other financial services. It competes for the same employer segments but operates a broader commercial product set rather than a pure not-for-profit master trust.

Others

• Aon (UK Pensions): Aon is a major UK pensions consultancy and administrator, advising employers on master trust selection and providing scheme administration. Although not a direct master trust operator, Aon influences employers' purchasing decisions adjacent to People's Partnership's market.
• The Pensions Regulator (TPR): TPR is the UK regulator that authorises and supervises master trusts including People's Partnership. While not a commercial peer, it shapes the regulatory ruleset (authorisation, governance, charge caps, value-for-money) under which People's Partnership directly competes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/peoplespartnership
• Xx.com/PplsPartnership
• Facebookfacebook.com/PeoplesPartnership

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about People's Partnership