Change of investment management – Frequently Asked Questions

Below are answers to some of the most frequently asked questions about the NOW: Pensions move of investment management to Cardano.

What’s happening?
In February 2019, we announced that the Cardano Group will be acquiring NOW: Pensions Limited from our Danish parent company ATP. The transaction will complete later this year following the authorisation of the NOW: Pensions Trust Plan by The Pensions Regulator as part of its ongoing master trust authorisation process.

The first key stage of our new relationship is the transfer of investment management from NOW: Pensions Investments in Denmark to the Cardano Group’s highly experienced, UK based, fund management team. The move has been subjected to due diligence by the Trustee and given approval.

Who is Cardano?
Cardano is a pensions investment and risk management specialist with operations in both the UK and the Netherlands. Since foundation in 2000, Cardano has built a strong business employing 230 people and managing around £25 billion of pension money on behalf of many household names across the UK and Netherlands.

What are the benefits of being part of the Cardano Group?
The combination of Cardano’s investment expertise and in-depth pensions knowledge with NOW: Pensions’ scale, market-leading auto enrolment system and administrative capabilities will be hugely beneficial for NOW: Pensions’ members. Cardano plans to invest in developing retirement solutions, improving financial education and capability and will continue to invest in improving the overall customer experience.

Why is investment moving from NOW: Pensions Investment in Denmark to Cardano?
NOW: Pensions Investment in Denmark have managed members’ investments over the past seven years, but the Cardano Group’s acquisition of NOW: Pensions has resulted in a review of this investment structure, and we believe that it is the right time to bring investment management to the UK, under the expert management of Cardano. The transfer will bring together Cardano’s highly experienced, UK based, fund management team with NOW: Pensions’ auto enrolment platform and administration capabilities. The combined businesses will create a full-service platform for growth. As a result of the transfer Cardano will manage around £25 billion of assets.

What do I need to do?
Business will continue as usual so there is nothing you need to do.

How does the change of investment manager affect my pension savings?
Please be assured that there won’t be any change to the high-level investment strategy. NOW: Pensions’ Diversified Growth Fund is an ‘all-weather’ fund designed to deliver strong risk adjusted returns over the long term.

Is there any change in how my pension contributions are invested?
No. There are no plans to change how your pension contributions are invested. The current arrangement remains in place.

Does the change of investment manager allow me to change my fund choice?
No. The only changes will be made as part of your life styling program. The default lifestyle period is 10 years from your target retirement age, prior to which all -the members’ assets are invested in the Diversified Growth Fund. If you want to remain in the Diversified Growth Fund for longer you can change your target retirement date to a later date. Similarly, if you want to move into the Retirement Countdown Fund earlier, you can bring forward your target retirement date. If you want to do this, please contact us in writing advising your revised target retirement date.

Are other funds available?
No. NOW: Pensions operates a single investment strategy. We know that in the auto enrolment market, over 99% of members don’t make any active investment choice and remain in the providers’ default fund.

Does the change in investment manager affect my pension growth rate?
Please be assured, there are no planned changes in the high-level investment strategy. Investment returns are largely driven by the behaviour of investment markets, which no one can accurately predict. However, the NOW: Pensions’ Diversified Growth Fund will continue to be managed as an ‘all-weather’ fund designed to deliver strong risk adjusted returns over the long term, and this design will not alter.

Does the change in investment manager affect charges?
No. Our member charges remain unchanged. We combine a low annual investment charge of 0.3% with a monthly administration charge of £1.50. By splitting the charge, costs are spread more equitably across all members.

As the result of the investment manager transfer, will the Scheme rules change?
No. There are no plans to change the Scheme rules as a result of the investment management transfer.


NOW: Pensions has a good technical infrastructure combined with a pension product suitable for our team. We couldn’t be happier with NOW: Pensions.
Martin Woods,