The People’s Pension has announced that it has given back £50m to its membership through rebates on its annual management charge (AMC), nearly four years on since it introduced its rebate charging structure.

The initiative aims to reward members for saving more over time, with between 0.1 per cent on savings over £3,000 and 0.3 per cent on savings over £50,000.

In line with this, the master trust is currently paying back nearly £2m every month, with this figure set to increase further as individual pots grow.

Commenting on the rebate structure, People’s Partnership CEO, Patrick Heath-Lay, stated: “As an organisation founded for social good and centred around better member outcomes, we’re committed to helping our 6.5 million members build financial foundations for life.

“Delivering £50m in rebates in such a short space of time is another example of how we continue to put our members first. We do not believe in the ‘set and forget‘ industry charging practices which erode a member’s pension pot value as their funds grow.

“As a provider we aim to deliver maximum value back to our members, not shareholders, and we see this as yet another great step towards this.”

The latest update also follows the news that People’s Partnership, provider of The People’s Pension, is looking to move from the auto-enrolment space to the broader workplace pensions market, with plans to expand its proposition to support broader employer needs.

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