Your participation agreement

Your participation agreement is your contract with us. We have a contract with all the employers who are part of our master trust and the agreement defines the terms of participation in our Scheme.

Notification of amendments

Your Participation Agreement is amended to the Varied Participation Agreement with effect from 1st April 2022.

The Varied Participation Agreement shall be deemed to have the following details inserted into it from your current Participation Agreement:

  • those details required in the Varied Participation Agreement Cover Page
  • the Payments Schedule (as amended)
  • the Employer Services Charge amount (where this applies)
  • the original signatories’ names and dates of signature

Please ensure that you download and save a copy of this Varied Participation Agreement for your records.

For previous changes to your Participation Agreement that became effective, please see our historical Participation Agreement changes.


Changes to the Member Administration Fee

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).

Download your current Participation Agreement

Participation Agreement version v6