The People’s Pension is claiming to be the biggest private sector master trust in the UK after it confirmed today it has enrolled its one millionth member.
The provider says it reached the milestone within two years of opening its doors for business in October 2012.
B&CE estimates that The People’s Pension has a 17 per cent market share of the total employees auto-enrolled, which would make it the largest private sector master trust in the UK. Opt out rates are 5.8 per cent since the scheme began.
B&CE chief executive Patrick Heath-Lay says: “We have been delighted by the success of The People’s Pension since our first members joined nearly two years ago. Auto-enrolling 1 million people is an important milestone and builds on the success of the proposition. But this in not new to B&CE, a company that is now providing financial benefits to over 2 million people.
“We launched The People’s Pension to provide a simple and high quality pension scheme focused on helping employers meet their auto-enrolment obligations. We are pleased that The People’s Pension has proven so popular and has been well received by advisers, employers and our members. As we continue our journey, we are committed to serving all employers no matter how small, whilst ensuring we maintain the highest standards of service and administration that sets us apart.”