# B&CE Benefit Scheme

B&CE Benefit Scheme is a Pension Fund based in Crawley, United Kingdom.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Crawley, United Kingdom
- **Region:** Europe
- **Address:** Manor Royal, Crawley, West Sussex, United Kingdom, RH10 9QP
- **Founded:** 1982
- **Assets under management:** Undisclosed
- **Website:** www.bandce.co.uk

## Regulatory record

- **Reports private funds:** No

## About

B&CE Benefit Scheme was founded in 1982 as a private-sector pension fund providing death and retirement benefits to UK construction workers. In November 2022, the organization rebranded as People's Partnership, folding its legacy products and its flagship defined-contribution master trust, The People's Pension, under one umbrella. The entity remains structured as a not-for-profit, with roots going back 80 years in the construction sector. The investment strategy is heavily tilted toward growth, confirmed by the firm's own tagging, with an explicit pivot to private-market commitments as a signatory to the UK's Mansion House Accord. The portfolio already spans UK real estate and infrastructure, with a geographic focus anchored domestically but open to select European opportunities. The firm participates in both fund commitments and direct co-investment structures, leveraging its member base and not-for-profit status to access GP relationships. September 2023: People's Partnership committed to allocating a portion of its default fund to private equity and infrastructure as part of the Mansion House Compact (per the firm, September 2023). The scheme's legacy product and The People's Pension collectively serve millions of construction workers, giving it a durable, non-cyclical contribution base. Patrick Heath-Lay has led the group as CEO through the rebrand, while Mark Condron chairs the trustee board. The organization is a member of PRI and UKSIF, embedding ESG screens across its public and private portfolios. The Construction Workers' Charitable Trust, founded in 1991, operates as a separate philanthropic arm funding hardship grants and training for construction workers. Unlike most UK master trusts that outsource asset allocation and manager selection, People's Partnership runs an in-house CIO-led investment function, giving it direct control over strategic tilts — most notably the post-2022 push into private markets. This hybrid architecture, combining the contribution stability of a mandatory auto-enrollment master trust with the governance of a trustee board and the execution capability of a small internal team, sets it apart from peers that rely entirely on fiduciary management or external OCIO models.

## Sectors

- Real Assets
- Private Markets

## People

- Patrick Heath-Lay — Chief Executive Officer
- Dan Mikulskis — Chief Investment Officer
- Mark Condron — Chair of The People's Pension Board of Trustees

## Questions

### Who runs investment decisions at B&CE Benefit Scheme?

Dan Mikulskis has served as Chief Investment Officer of People's Partnership since 2022, leading the in-house investment strategy. He oversees asset allocation, manager selection, and the real-assets build-out, supported by Co-Heads of Real Assets Marija Simpraga and Raymond Wright.

### How does B&CE Benefit Scheme source proprietary deal flow?

As the provider of The People's Pension, one of the UK's largest auto-enrollment master trusts, the scheme leverages its not-for-profit status and construction-sector membership base to access GP relationships. Its Mansion House Accord membership also positions it for co-investment and direct opportunities alongside peer UK pension funds.

### Does B&CE Benefit Scheme participate in fund commitments or only direct deals?

The scheme uses a mixed approach: it has historically made fund commitments across public and private markets and has signalled a shift toward direct co-investments in private equity and infrastructure following its 2023 Mansion House Compact commitment.

### What is B&CE Benefit Scheme's known posture on co-investments alongside external GPs?

The firm's CIO and real-assets co-heads signal an appetite for direct co-investment, particularly following the 2023 Mansion House Accord. The scheme uses its scale and member-stability narrative to negotiate co-investment rights, though no specific disclosed co-investment partners have been publicly named.

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Last updated: 2026-08-11T02:43:31.692Z

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