State Street Global Advisors (SSGA) has been chosen as the investment platform provider for The People’s Pension.
The decision was made by The Trustee of The People’s Pension who says that it’s the first step in implementing a new investment approach that responds to the changing needs of its members, the market and the pension freedoms that came into effect in April 2015.
The People’s Pension is the largest private sector mastertrust (multi-employer pension scheme) in the UK, with some 1.6 million members and over 14,000 employer accounts. It’s run by B&CE, a not for profit company, and offers a simple and low cost automatic enrolment workplace pension solution for employers of any size from any sector.
Chief Executive Officer of B&CE Patrick Heath-Lay said: “We have been working with The Trustee Board in undertaking a wide-ranging review of investment and at retirement options for members of The People’s Pension in light of new at retirement flexibilities introduced earlier this year and the changing needs of the market. We have some exciting plans for the future and the move to SSGA is the first step in bringing those plans to life.”
Trustee Chair of The People’s Pension Steve Delo, said: “We are delighted to appoint SSGA to provide the investment platform for The People’s Pension. As a Trustee Board we are always reviewing our partners and suppliers to ensure that we are delivering the best value for our 1.6 million members and are looking forward to our future partnership with SSGA.”
Head of European Defined Contribution at State Street Global Advisors Nigel Aston, said: “We are really excited and delighted to be appointed by The People’s Pension at such an exciting and revolutionary time for the pensions industry following the introduction of the new retirement freedoms. The People’s Pension is an important and valued partner with a shared goal to support pension savers in achieving the best possible outcomes in retirement.”