Scheme information
- NOW: Pensions Trust is an occupational defined contribution (DC) master trust pension scheme established in October 2011.
- The PSTR number of the Scheme is 00776316RJ.
- The default retirement age is the member’s State Pension Age.
- Early retirement can be taken from age 55 (age 57 from 6 April 2028). There are no protected retirement ages in the Scheme.
- As a DC scheme, we do not provide projections to retirement age because the benefits are based on account value. A member is provided with a Statutory Money Purchase Illustration (SMPI) with their annual benefit statement each year. Annual benefit statements are issued within the 12-month period following the end of each Scheme year, which ends on 31 March. Once the benefit statement is available, we contact members explaining how to access it.
- The Pension Input Period is 6 April to 5 April.
Transfers in
- The Scheme accepts transfer payments from qualifying pension arrangements.
- The Scheme accepts transfers using the Origo Transfer Service (OTS).
- The member can request a transfer in from their app or online account at nowu.nowpensions.com.
Transfers out
- The transfer value payable will be the total value of the member’s account at the time of disinvestment.
- The Scheme does not offer any other benefits that would be lost on transfer.
- The member can request a transfer-out pack from their app or online account at nowu.nowpensions.com.
- The Scheme supports transfers out using the Origo Transfer Service (OTS).
- A member must have ceased paying active contributions before we can process a request to transfer out.
- For members aged 50 years or more, a stronger nudge confirmation is required to access retirement benefits and to transfer funds in and out of the Scheme.
- Partial transfers out are not allowed.
Death
- On the death of a member, a lump sum equal to the value of the member’s account will be payable to the member’s beneficiaries, as decided by the Trustee.
- The member can nominate beneficiaries online from their app or online account at nowu.nowpensions.com.
Investments
- We cannot share SEDOL/ISIN codes for the investment funds that the member is invested in. These are private funds.
- The Trustee is responsible for the investment strategy.
- The investment manager is Cardano Risk Management Limited.
- The trust custodian is State Street.
- You can find out more about how we invest the member’s pension on our website at nowpensions.com/go/investment.
Charges
- You can find out more about charges to the member’s account at nowpensions.com/go/charges.
- We do not charge for switching or transferring out.
Accessing benefits
- You can find out about how members can access their pension savings at nowpensions.com/go/faq/taking-cash.
- We do not currently offer any flexi-access drawdown solution.
- We do not provide annuities.
Exclusions
None of the following items are applicable to the now:pensions scheme:
- Protected pension ages below age 55.
- Pre A-Day rules.
- Guaranteed minimum pension (GMP) – the Scheme was not and never has been contracted out.
- Market value reductions.
- Protected tax-free cash/lump sum (no LTA protected tax-free cash).
- Guaranteed annuity rates or a guaranteed level of income at retirement.
- Waiver of contributions is not, and never has been applicable.
- Allocation rates.
- Bid/offer spreads.
- Payments for adviser charging.
- Any fund guarantees or bonuses, for example a guaranteed growth rate, guaranteed bonus rate, loyalty bonus, terminal bonus or other form of fund bonuses.
- Reinvestment of charges.
- With-Profits and Unitised-With-Profits.
- Any life or critical illness covers.
- Block transfers.
More information
If you need information on a specific member, you’ll need to submit a valid Letter of Authority (LOA) request to support@nowpensions.com (IMPORTANT: this mailbox is for submitting LOA requests only, for any other queries please visit the help centre). Once verified, we’ll reply to your LOA request with a document containing the most commonly requested information. If you need something more, the document includes instructions for requesting delegate access to the member’s now:pensions online account which will allow you to get more detailed information about a member and their savings.
The information contained on this page is for general informational purposes only and may not be reproduced, extracted, distributed, or used for any other purpose. It does not constitute investment, legal, pensions or tax advice and reflects, as of the date of issue, information believed by NOW: Pensions Ltd and NOW: Pension Trustee Limited (jointly and severally “now:pensions”) to be reliable.
The views expressed on this page, or any factual information contained on this page, may change at any time subsequent to the date of its issue.
No undertaking, representation, or warranty is made, express or implied, by now:pensions or any third party concerning the accuracy or completeness of any information or data contained on this page and no liability is accepted to any person for any information contained on this page or any reliance placed upon it.
This information is subject to change at now:pensions’ sole discretion, including on a case-by-case basis.