The People’s Pension

Madeinireland101

Hi,

Has anyone heard of The People’s pension? Would you recommend them? What’s their performance like compared to other pension providers? 

Thanks

Rich1976

they are a workplace pension provider. The performance depends on what funds you choose .

dunstonh

Has anyone heard of The People’s pension? 

They are a mainstream pension provider of auto-enrolment schemes and have been around for a very very very long time (originally under the Building and Civil Engineers scheme).

Would you recommend them?

No. There is no scenario that I would recommend them for individual pensions as there are lower cost options available that can do the same thing.   However, if your employer offers their pension as a scheme then you have no choice and they are perfectly fine in that respect.

What’s their performance like compared to other pension providers? 

Pension providers do not perform.  The investments you hold in the pension is where the performance is.   A whole of market pension with 30,000 investment options will obviously have more investment choice than an auto enrolment scheme with a limited range of options.     

Madeinireland101

Thanks for your response 

hotlava

I have my workplace pension with them, with which I'm happy. There is a small/limited choice of investment options but they cover most bases for most people. Charges are very reasonable/low. It's proving to be a decent place to build my pension, though it's important (to me) to check and likely amend the default investment options as they are very conservative.

Albermarle

hotlava said:

I have my workplace pension with them, with which I'm happy. There is a small/limited choice of investment options but they cover most bases for most people. Charges are very reasonable/low. It's proving to be a decent place to build my pension, though it's important (to me) to check and likely amend the default investment options as they are very conservative.

If you do that, you will be part of the very small % that do ever change away from a pension default fund, so you are already well ahead of the game.

Mr_Benn

We have People Pension as our workplace pension.  The default fund I was given was performing so badly, so I moved it to their Ethical fund which has performed better.  If you check their Funds performance on the Peoples Pension website, just make a note of what date they show their performance up to, as its sometimes several months old. You can find out more up to date perrformance figures on other websites.

hotlava

Mr_Benn said:

We have People Pension as our workplace pension.  The default fund I was given was performing so badly, so I moved it to their Ethical fund which has performed better.  If you check their Funds performance on the Peoples Pension website, just make a note of what date they show their performance up to, as its sometimes several months old. You can find out more up to date perrformance figures on other websites.

Have you considered the Sharia fund? It's by far the best performing they offer, though you must commit 100%.

Albermarle

hotlava said:

Mr_Benn said:

We have People Pension as our workplace pension.  The default fund I was given was performing so badly, so I moved it to their Ethical fund which has performed better.  If you check their Funds performance on the Peoples Pension website, just make a note of what date they show their performance up to, as its sometimes several months old. You can find out more up to date perrformance figures on other websites.

Have you considered the Sharia fund? It's by far the best performing they offer, though you must commit 100%.

Investments can go down as well as up.
A fund that has done very well in recent times, may not continue on that path for ever. 
Also as it is highly concentrated, with a high % in US big tech, it could drop a lot if there was a hiccup in this sector.

Mr_Benn

hotlava said:

Mr_Benn said:

We have People Pension as our workplace pension.  The default fund I was given was performing so badly, so I moved it to their Ethical fund which has performed better.  If you check their Funds performance on the Peoples Pension website, just make a note of what date they show their performance up to, as its sometimes several months old. You can find out more up to date perrformance figures on other websites.

Have you considered the Sharia fund? It's by far the best performing they offer, though you must commit 100%.

 I did look at that a while back , but left my Funds where it was. Your right it is the best performing, I just never looked further into what companies it actually holds shares in. Weve actually been taken over recently, so I will have to do something with this pension pot anyway, as the new company uses another pension provider.

Albermarle

Mr_Benn said:

hotlava said:

Mr_Benn said:

We have People Pension as our workplace pension.  The default fund I was given was performing so badly, so I moved it to their Ethical fund which has performed better.  If you check their Funds performance on the Peoples Pension website, just make a note of what date they show their performance up to, as its sometimes several months old. You can find out more up to date perrformance figures on other websites.

Have you considered the Sharia fund? It's by far the best performing they offer, though you must commit 100%.

 I did look at that a while back , but left my Funds where it was. Your right it is the best performing, I just never looked further into what companies it actually holds shares in. Weve actually been taken over recently, so I will have to do something with this pension pot anyway, as the new company uses another pension provider.

Most likely you will start from new with the new provider, and the PP pension will effectively become your personal pension. You can then keep it, change investments, add to it ( in addition to your new one) , or transfer it to your new workplace pension, or another pension altogether.
I very much doubt you will 'have' to do anything with it.