B&CE Benefit Scheme

B&CE Benefit Scheme

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. While the scheme has not published a granular asset-class breakdown, its leadership team signals the direction: Dan Mikulskis joined as CIO from LCP in 2022, and dedicated Co-Heads of Real Assets — Marija Simpraga and Raymond Wright — oversee the build-out of direct real-asset exposure. 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.