1 April 2022: changes to the Member Administration Fee
Your Participation Agreement is amended to the Varied Participation Agreement with effect from 1 April 2022.
The following table replaces the ‘Fees Payable by Members (incl. VAT)’ table set out in the Payment Schedule in your Participation Agreement and supersedes any existing conflicting terms:
Fees Payable by Members (incl. VAT)
| Category | Fees | When paid and how |
| Member Administration Fee up until 31st March 2022 | £1.50 per calendar month. | Deducted from the Member Account on a monthly basis. |
| Member Administration Fee from 1st April 2022 | £1.75 per calendar month. | Deducted from the Member Account on a monthly basis, subject to the Member Account exceeding £100. Partial deductions of the Member Administration Fee will be made to the Member Account where required so that the Member Administration Fee does not decrease the Member Account below £100. |
| Investment Management Charge | 0.3% per year of each Member Account. | Deducted from the Member Account on a monthly basis and taken into account before unit prices are calculated. |
Expressions used in this notification have the meaning set out in the Participation Agreement. Other non-material amendments have been made to the Participation Agreement and you are advised to review the Varied Participation Agreement in full.
This notification is provided in accordance with Clause 3.1 in the Participation Agreement and the amendment will take effect as set out above. As an Employer, you have an obligation under Clause 4.2(i) of the Participation Agreement to distribute any communications as necessary to your Members and you are required to inform your Members of this change to the Member Administration Fee (e.g. on your website or by contacting your Members directly).
A small number of employers are signed up to a different version of the Participation Agreement than the version set out on the website. Different versions, such as early or bespoke versions of the Participation Agreement, may include specific provisions on how your Participation Agreement can be amended. If you are currently on a different version of the Participation Agreement, please note that these amendments will be effective unless and to the extent your version of the Participation Agreement expressly prohibits or precludes such amendments from being made. Please note that NOW: Pensions has the right to increase the Member Administration Fee and include the introduction of a charging limit (as set out in the table above) and these provisions will be amended in your Participation Agreement in accordance with this notice, notwithstanding which version you are on. These amendments will automatically take effect on the date as set out above. We would ask that you inform your Members of these changes (e.g. on website or by contacting your Members directly if they have opted out of electronic communications).
23 March 2020: change of registered office
NOW: Pensions’ registered office in the Participation Agreement is amended to:
6 Bevis Marks, London, EC3A 7BA.
This notice is provided in accordance with section 3.1 in the Participation Agreement and the amendment will take effect on 23 March 2020.
1 April 2018: changes to member charges
Your Participation Agreement will be updated on 1 April 2018. The Participation Agreement is being updated primarily as a result of the General Data Protection Regulation (GDPR) which was adopted by the EU in May 2016 and will apply in the UK on 25 May 2018. There are also some other changes including an update to member charges.
There’s nothing you need to do, but please download and save a copy of the Varied Participation Agreement for your records.
1 October 2017: change to notification clause
The following clause is added to the notices clause in your Participation Agreement and supersedes any existing conflicting terms:
Notices and communications: Unless NOW: Pensions agrees otherwise, the Employer will give all information and any notice to NOW: Pensions, and will otherwise communicate with NOW: Pensions, through the Employer Portal.
NOW: Pensions may give any information and any notice (including, but not limited to, any notice required under the notice clause of this Participation Agreement) to the Employer, and will otherwise communicate with the Employer, by email, post, courier, through the Employer Portal or otherwise through the NOW: Website.
NOW: Pensions may give any information and any notice (including, but not limited to, any notice required under the notice clause of this Participation Agreement) to Members through the Member Portal, by email to the Member’s email address, by email to the Employer’s email address, by post or through the NOW: Website. This Clause is subject always to the Applicable Law.
This change to your Participation Agreement will take effect on 31 December 2017.
26 September 2017: change to auto-enrolment phasing
Over time, auto enrolment minimum contributions are due to increase. The government set a timetable for the increases, however last year Parliament confirmed the timetable will be pushed back six months. See the table below.
You should have received or will shortly receive an email from us explaining the delay to auto enrolment phasing and any specific changes required to your Participation Agreement or Contribution Models.
If you have any questions on the above please contact us on: clientsupport@nowpensions.com or visit the NOW: Pensions website where there are further details.
Unless agreed otherwise by NOW: Pensions, your Participation Agreement is varied with effect from September 2017 as follows:
| The dates specified within the rates of contributions table(s) within the Schedule of Payments/Payments Schedule are deleted and replaced with: |
| To 5 April 2018 |
| 6 April 2018 to 5 April 2019 |
| From 6 April 2019 |
| Where minimum contribution rates for an employer and/or contribution dates are varied as a result of a change in the Automatic Enrolment Laws, the Schedule of Payments/Payments Schedule will be deemed updated to reflect the change from the effective date of the change. Unless you notify the Trust Manager otherwise, the Member contribution rate shall be increased from time to time to the extent necessary so that, when combined with the minimum employer contribution rate required by the Automatic Enrolment Laws, the total contribution rate in respect of each Member will be equal to the overall minimum rate required by the Automatic Enrolment Laws. The Trust Manager will provide prior written notification (which may be via electronic communications and/or on the NOW: Website) of such changes. |
Expressions used in this website notification have the meaning set out in the Participation Agreement. No other terms within the Participation Agreement are affected by this change.
For our Varied Participation Agreement, an overview of its terms and our most recent change, please see above.