The People's Pension explained: a workplace scheme set up as a master trust, authorised by the Pensions Regulator and run by an independent corporate Trustee.

If you have been enrolled by an employer, or are weighing up a transfer, this is what the scheme and the regulator say it is. Investments can fall as well as rise, so you may get back less than was paid in. Already hold pensions elsewhere? An FCA-authorised adviser can set this scheme beside them; this page's short form requests the call back, which is free.

People's Pension explained: what it is and who runs it

The scheme describes itself as "an authorised master trust scheme run by an independent corporate Trustee." That Trustee, it says, looks after the scheme and is responsible for running it in members' best interests and in line with the rules and the law. The scheme is registered under pension scheme registry number 12005993, and the Trustee publishes an annual report with a governance statement on member charges.

The business behind the scheme is People's Partnership, which lists The People's Pension as its workplace pension and describes itself as "a business without shareholders" that reinvests its profits. Its about page says it has been providing benefits for 80 years and manages more than £40bn of assets, figures it gives as correct at the end of March 2026. The scheme's investment manager, State Street Global Advisors, supplied its transaction-cost figures.

For who is enrolled and when, see People's Pension eligibility; for how auto-enrolment works generally, workplace pension rules.

Is The People's Pension a master trust, and who authorised it?

Yes. The Pensions Regulator (TPR) defines a master trust as an occupational pension scheme that provides money purchase benefits and is used by two or more employers that are not all connected with each other. Its rule is that a scheme meeting that definition "must be authorised" by TPR before it operates. TPR's published list of authorised master trusts, read on 29 October 2026, names The People's Pension among the schemes granted authorisation.

Two practical points follow. First, that makes it an occupational scheme in TPR's terms, not a personal pension you buy for yourself. Second, money purchase means the pot grows from contributions plus investment results: the scheme's own help pages say a statement can show a lower value than last year because of investment performance, or because contributions were cut or stopped. Authorisation is about meeting required standards, not about guaranteeing the value of your pot.

The wider picture of how pots like this work at retirement is in defined contribution pension options at retirement.

What the scheme says it charges

The Trustee's statement for the year ending 31 March 2025 builds the member charge from three pieces. There is a flat annual charge, a management charge of 0.5% of the pot each year, and a savings reward, linked to the management charge, once savings pass £3,000. The flat charge in that statement was £4.50, taken from pots of £104.50 and over; from 1 April 2026 it becomes £6.50, taken from pots of £106.50 and over.

They may not apply to every employer's staff: the scheme's employer charges page, archived on 16 May 2026, says that for larger employers with complex needs it "may propose a management charge lower than 0.5%". What comes off your own pot is shown in your online account under "Manage my pension", then "Charges", so check there rather than assuming the headline numbers are yours.

The line-by-line costs, including fund transaction costs, are in People's Pension fees and charges, and the general picture is in pension charges explained.

How members manage a People's Pension

Members who make no choice are placed in the "balanced" investment profile. The Trustee's statement says that default is used by 98.44% of the membership. The profile opens in a global fund holding up to 85% shares. Every profile automatically and gradually starts moving savings into the lower-risk Pre-Retirement Fund 15 years ahead of the member's selected retirement age, which defaults to State Pension age unless changed.

Members who want more control can pick the other two profiles or self-select from eight funds. The scheme warns that its self-select funds do not move into lower-risk investments by themselves as retirement approaches, so those members have to manage that themselves. Investment changes are made through the online account or the app, and the selected retirement age can be updated by logging in to the online account.

Values can fall as well as rise whichever route is used. The fund range, risk labels and the pre-retirement switch are covered in People's Pension funds.

Moving a pension in, and taking it out

The scheme says it does not charge for transfers in or out, though the other scheme might. It cannot accept a transfer from a pot you have already taken money from through an annuity or drawdown. For defined benefit, final salary or career average pensions its own page says it is generally best not to transfer and to get authorised advice first. Use the form on this page if a defined contribution pot elsewhere might move in: an FCA-authorised adviser will discuss that at no cost. The steps are in how to transfer a pension.

On taking the money, the earliest age set by the Finance Act 2022 is 55 until 6 April 2028, when it becomes 57, though a protected pension age or serious ill health may allow earlier access; the scheme says some of its options need more than £10,000 in the pot. It does not offer annuities itself. Before choosing, see what Pension Wise offers. The scheme's options are in how to withdraw your People's Pension, with the general rules in pension drawdown and pension annuities.

What readers ask about People's Pension

Is The People's Pension a personal pension?

No. By TPR's definition a master trust is an occupational scheme, and The People's Pension is on its authorised list. It is built for workplaces, with employers signing up to it.

Is the People's Pension the same as People's Partnership?

Not quite. People's Partnership is the business that offers the scheme and lists it as its workplace pension; the scheme itself is an authorised master trust run by an independent corporate Trustee, whose chair, Mark Condron, gives the annual governance statement on charges.

How does the scheme work for young people?

Joining rules turn on age and earnings. The detail, including who can ask to join, is in People's Pension eligibility.

Where can I check the scheme's regulatory status myself?

TPR publishes its list of authorised master trusts for anyone to read, and the scheme's registry number appears in its annual report.

If you hold more than one pension

A definition only goes so far when several pots are involved. For a view across them, the form here lets you book a call from the FCA-authorised adviser, who can cover this scheme alongside the rest at no cost.

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