Our investment strategy

We’ve designed a robust investment strategy with our members’ best interests in mind and with clear objectives: to manage risk, provide good value and secure positive long-term outcomes.

We offer one carefully-thought-out investment solution, rather than asking employers and members to make investment decisions.

Professional management

The NOW: Pensions Trustee takes responsibility for our investment strategy in consultation with its professional investment advisers. We don’t ask employers or members to make decisions about investment.

The Trustee has appointed Cardano Risk Management Ltd (CRML) as our investment manager, delegates day-to-day investment decisions to CRML and meets with them regularly to discuss the investment strategy and review performance.

We believe it’s reassuring for employers to know they’re offering their employees a well-designed, good-value investment option, and for members to know their investments are managed by experienced professionals with their long-term savings needs in mind.

Understanding our two funds

Our investment strategy is designed using two investment funds, one targeting long-term growth and one aimed at protecting the value of built-up pension savings. Members’ pension savings are switched from one to the other ten years before their target retirement age. We call this the ‘glidepath to retirement’.

During the early and middle parts of their pension saving journey, members’ contributions are invested in the Diversified Growth Fund. This fund aims to provide stable growth over the long term by using diversification.

View the latest fund factsheet here.

Previous fund factsheets

Ten years before their target retirement age, members’ pension savings are gradually switched the Retirement Countdown Fund. This fund aims to reduce the risk of pension savings falling in value before they’re turned into retirement benefits. We call this the ‘glidepath to retirement’.

Previous fund factsheets

View the latest unit prices for our funds

Latest unit prices

How our Diversified Growth Fund (DGF) diversifies

The DGF allocates investments between four areas. Our investment manager decides on the balance across the different areas. This is based on its long-term risk/return assessment of different asset classes, expected levels of diversification and the impact of changing economic conditions. The four areas are:


Equities (shares)


Interest rates




Other investments

Protection and safeguarding

To protect your money we employ a custodian who holds the Scheme funds in a ring-fenced account, separate from both NOW: Pensions and the custodian’s own funds and company accounts.

Our custodian is BNY Mellon, one of the world’s largest custodians. It looks after over US$30 trillion on behalf of pension schemes and other investors. It has strong credit ratings: for example, the credit rating agency Standard and Poor’s rates it as AA- for long-term deposits.