The People's Pension is an alternative to NEST, and is brought to the market by B&CE who, while not necessarily a household name, are well established in the provision of pensions. The history of B&CE is that they were established in 1942 to help the construction industry provide benefits to a historically low-paid, transient workforce.
From this starting place, they now run a Super Trust based pension scheme within the construction industry and have now expanded this offering beyond construction to all employers. Being a not-for-profit Super Trust means low charges - a simple, flat 0.5% annual management charge.
They have an impressive history of managing schemes for small employers - currently over 6,000 construction companies use B&CE with over £1.8bn assets under management and 1.6 million members. Their administration systems handle over 16 million transactions a year, and they have UK based administration staff.
They do not have a restrictive contribution limit and they allow transfers in and out of the plan. While they do not offer a very wide investment choice, they do offer individuals an ability to choose a risk rated profile, as well as having a default fund which is run by Legal & General.
The People's Pension is a compelling alternative to NEST, with a competetive charging structure, fewer restrictions and a proven track record of service to small employers with a transient work-force.