TPP announces plans to expand into wider workplace pension market

People’s Partnership, provider of The People’s Pension (TPP), has announced a number of key propositional developments, confirming plans to move from the auto-enrolment space to the broader workplace pensions market.

The group announced that TPP is currently building its proposition to support the broader needs that employers have for their workforce, with a programme of key propositional developments designed to help to provide greater financial security for members.

In particular, the group is looking to develop new additional capabilities to start pricing at scheme level, as well as a new set of retirement planning tools and member app to be launched later this scheme year.

The group also established a new specialist bulk transfers team and online data transfer process and introduced pre-funding to make complex cases as simple as possible and mitigate out of market risk for members.

Commenting on the news, People's Partnership chief commercial officer, David Meliveo, stated: “This is a really exciting time for The People’s Pension. Over the past decade, we’ve driven real growth, with £22bn assets under management and an annual cashflow of £3.5bn.

“We’re now evolving our proposition to support the broader needs that employers have for their workforce, aiming to move from the auto-enrolment space to become a leading workplace pension provider.

“In a time of economic uncertainty, it’s important that we build a financial wellbeing offering for our members, which we’ve begun with the launch of a new hub and the recruitment of a new Employer Engagement Team, that will support over 100,000 businesses and financial advisers who have put their trust in us.

“Our research shows that people don’t understand their options at retirement so we will launch a retirement planner and new app before the end of the scheme year, to ensure our members have all the information they need to plan for their futures.

“There’s no doubt that The People’s Pension has been a huge success in the auto-enrolment space, but as a provider founded for social good, that’s without shareholders and truly puts its members first, we feel there’s an important space for us in the workplace pension market.”

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