The announcement coincides with the 80^th anniversary of the not-for-profit organisation, which began life providing holiday stamps to the construction industry during the Second World War.

Today, it provides a range of straightforward financial products, including The People’s Pension, which has more than six million members.

With assets under management currently more than £17bn and serving more than 100,000 employers across the UK, it has grown to become one of the biggest pension schemes in the country.

Patrick Heath-Lay, Chief Executive Officer, said: “We have always been the people’s partner. Founded for social good, as a not-for-profit – or profit for people – organisation, our customers, our members, are always our main focus. And whatever we do, that will never change.

“Our purpose is to help people, from all sectors across the UK, to build financial foundations for life, giving greater financial security to millions.

“So, this isn’t just a name change. For a company that has gone about its business fairly quietly in the past, this is a statement of intent. We want everyone to understand why and how we do what we do and to continue to be different in financial services.”

Babloo Ramamurthy, Independent Non-Executive Chairman of the B&CE Group, said: “Ours is an organisation with a rich heritage stretching across nine decades. Our business was built on serving those workers who were underserved by the financial services industry.

“We’ve never forgotten those roots and the name People’s Partnership perfectly reflects how we build a long-term relationship with our customers and earn their trust through living our values and maintaining a clear focus on our vision.”