Where this fits
Several small pots in different schemes each carry their own flat charges.
Sunny Bharj
Independent Financial Adviser
Tony Springer
Independent Financial Adviser
The People's Pension is a not-for-profit workplace master trust. Its annual report for the year to March 2025 sets the charge at 0.5% a year of the pot plus £4.50 a year, with a rebate on savings over £3,000. You can take lump sums or use drawdown inside the scheme, and an annuity has to be bought elsewhere.
The People's Pension is a defined contribution master trust set up in 2012. Its trustee, The People's Pension Trustee Limited, is owned by People's Partnership, the group formerly called B&CE. It has been authorised by The Pensions Regulator since August 2019 and describes itself as not for profit.
The scheme's annual report for the year to 31 March 2025 sets out three parts: £4.50 a year on pots of £104.50 or more, a management charge of 0.5% a year, and a rebate on that charge for savings over £3,000. Some employers have negotiated higher rebates.
The default investment, which 98.2% of members are in, uses funds charging 0.5%. The rebate rates themselves are on the member website.
The scheme pays transfers to other registered UK schemes and qualifying overseas schemes, after checks by its transfers team.
Checked on 2 October 2026 against peoplespartnership.co.uk and the scheme's 2025 annual report. Phone numbers, charges and options change, so check the provider's own site before you act.
A charge of £4.50 a year weighs far more on a £500 pot than on a £50,000 one.
People's Partnership, formerly B&CE, through its trustee company. It is a master trust authorised by The Pensions Regulator.
Yes, if the pot is over £10,000. The drawdown account is held inside the scheme.
No. You would move the money to an annuity provider.
Several small pots in different schemes each carry their own flat charges.
Independent Financial Adviser
Independent Financial Adviser
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