NOW:Pensions

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NOW: Pensions is the 3rd biggest master trust in the UK serving over 1.7 million employees.[1]

NOW: PensionsType| Privately held company

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Industry| Financial Services
Founded| 2011
Services| Defined contribution (DC) pension funds
Website| www.nowpensions.com

## History[edit]

The Pensions Act 2008 established new duties which require employers to automatically enrol eligible workers into a workplace pension plan that meets certain minimum standards. NOW: Pensions was set up by ATP of Denmark for employers requiring a scheme to fulfil their duties under the Act. ATP launched Now:Pensions in early 2012, Morten Nilsson was headed the group as CEO.[1]

During the three years leading up to June 30, 2017 Now:Pensions achieved a 2.8 percent annualized return, which was significantly less than the returns achieved by almost all of its competitors during the same time.[1]

In November 2017 the Pensions Regulator fined the trustees of Now:Pensions £50,000 for administration problems. Followed by a fine for £20,000 in February 2018.[1][2]

In February 2019 The Cardano Group acquired Now:Pensions from ATP[3] after Now:Pensions ran into multiple administration problems and years of poor performance.[1]

## See also[edit]

* Pensions in the United Kingdom
* The Pensions Regulator
* National Employment Savings Trust
* The People's Pension

## References[edit]

1. ^ a b c d e Greenwood, John (22 February 2018). "Now:Pensions put up for sale". Corporate Adviser. Retrieved 27 November 2019.
2. ^ "TPR fines trustee of NOW: Pensions and sets deadline by which problems must be fixed". The Pensions Regulator.
3. ^ "The Cardano Group acquires NOW: Pensions". ATP. Retrieved 27 November 2019.

## External links[edit]

* NOW: Pensions' website
* Details about automatic enrolment on the webpage of The Pensions Advisory Service (TPAS)
* Link to the UK Government web page covering the consultations on plans to apply a charge cap of 0.75% of funds under management on default funds of DC pension schemes from April 2015
* The Pension Regulator’s code of practice for DC schemes on the TPR website
* Link to UK Government web page announcing five millionth person to be automatically enrolled