B&CE has launched a super trust pension with no administration charge in preparation for auto-enrolment.
The workplace pension provider, which has traditionally provided savings vehicles for lower-earners working in construction, has unveiled its multi-employer scheme, the People's Pension.
It comes after Danish provider NOW: Pensions launched its low-cost auto-enrolment offering on 1 November, which charged a 0.3% annual management charge (AMC) and £1.50 per month.
The People's Pension charges an AMC of 0.5%, with no other fees and no penalties on transfers in or out.
It offers three investment approaches to members, all of which end with a 15-year de-risking glide path to retirement.
Alternatively members can put together their own portfolio by choosing from seven investment funds, including a Sharia-compliant and ethical fund.
Members are able to take their pension pots with them if they move jobs.
Brian Griffiths, chief executive at B&CE, said: "We are the only provider who has first-hand experience of operating in this specialist segment of the marketplace and we believe this will significantly benefit our new and existing members.
"There will be no trial run for us because we have been delivering a stakeholder-compliant offering to over 6,000 employers for the past decade."
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