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 company known as a 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 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 AA- for long-term deposits.