NOW: Pensions is authorised and regulated as a master trust by The Pensions Regulator (TPR). We’re one of approximately 38 master trusts approved and supervised on an ongoing basis by TPR to maintain the quality of master trust providers in the UK. This means increased protection for members and their pension savings.
We employ a specialist custodian which is responsible for guarding and protecting your money. It holds your pension savings, and those of all members, under a custody agreement (which is protected by the law) until you ask for your benefits to be paid.
The money is kept in a ring-fenced account which is separate from NOW: Pensions and the custodian’s own funds and company accounts. This means your benefits are protected if anything happens to NOW: Pensions Limited.
Our custodian, BNY Mellon, is one of the largest in the world. 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 AA- for long-term deposits.