For immediate release: 25 March 2013
Adecco Group’s 23,000 employees are auto-enrolled into the NOW: Pensions Trust from
Adecco Group has appointed NOW: Pensions to provide its workplace pension scheme under auto-enrolment. From March 2013, the independent multi-employer trust will be responsible for providing the workplace pension for its workforce of approximately 23,000 employees who are eligible for auto-enrolment.
As one of the UK’s leading recruitment consultancies, Adecco Group specialises in the following professional services and general staffing markets including: accounting & finance, legal, HR, public sector, IT & telecoms, engineering and property, admin, office support, secretarial, retail and manufacturing. It has a network of offices across the country and supports a broad customer base, from local business partners to large global clients. It was also the main recruitment partner for London 2012.
Adecco Group joins some other well-known recruitment consultancies who have appointed NOW: Pensions to provide their workplace pension solutions under auto-enrolment.
Matthew Johnson, Head of Compensation and Benefits at Adecco Group UK & Ireland, commented: “With the face of the pensions landscape changing, it was important for us to select the right pension scheme in order to meet our auto-enrolment obligations. Opting for a defined contribution multi-employer trust, in the form of NOW: Pensions, was therefore a straight forward choice given it is overseen by a Board of Trustees whose role is to ensure good governance and safeguard the best interest of its members. Furthermore, its simple design means the pressure is taken off us as the employer and avoids costly administration charges, whilst removing the burden of choice and ensuring the best possible retirement outcome for our employees.”
Morten Nilsson, CEO of NOW: Pensions, added: “Adecco Group understands what it takes to succeed in a competitive market and they have done their research in order to select a pensions scheme that is right for them. In this case a high quality master trust that adds value without being overly complicated. Our simple, cost effective solution removes the burden of choice from both employer and employee, and our independent Board of Trustees ensures members’ pension pots are protected. We look forward to working with Adecco Group and its employees.”
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For further information:
Shirley Hatherton / Jennifer Stevens / Maddy Morgan-Williams / Valentina Kristensen
Tel: +44 207 294 3615 / +44 7711 142 147
Notes for editors:
Adecco Group UK & Ireland www.adecco.co.uk
With over 120 branch and 50 onsite locations across the UK & Ireland, the Adecco Group is perfectly placed to support their customer base – from local business partners to large global clients. Adecco Group payrolls 25,000 temporary associates every week and work with over 6,000 clients in all sectors of commerce and industry.
The Adecco Group Worldwide is the world’s leading provider of HR solutions. With over 31,000 employees and 6,000 offices, in more than 60 countries and territories around the world, it offers a wide variety of services and connect more than 500,000 associates with over 145,000 clients every day. Registered in Switzerland, Adecco S.A. is a Global Fortune 500 company.
NOW: Pensions www.nowpensions.com
NOW: Pensions is a multi-employer trust. The investments are managed by NOW: Pensions Investments, a subsidiary of ATP in Denmark, and the administration is carried out by Paymaster, an established UK third party administrator.
The NOW: Pension Trustee Directors, whose role is to safeguard the interests of members, comprises well-known industry figures with different areas of expertise:
- Nigel Waterson, former Shadow Pensions Minister
- Imelda Walsh, former Group HR Director of Sainsbury’s
- John Monks, member of House of Lords and former General Secretary of ETUC and TUC
- Christopher Daykin, former Government Actuary
- Win Robbins, former Head of European Fixed Income at Barclays Global Investors
NOW: Pensions is committed to developing a better workplace pension provision in the UK by offering a simple, high quality, cost efficient and systematically risk managed pension product that delivers better retirement savings for UK employees. With over 45 years’ experience providing Denmark’s working population with stable and consistent pensions returns, NOW: Pensions is set to transfer the knowledge acquired in Denmark to the UK pension market. Charges are just £1.50 per month administration charge (reduced administration charge of £0.30 – £1.00 to be applied during auto enrolment phasing for lower earners) plus a 0.3% annual product investment management charge, with no hidden charges.
The ATP Group www.atp.dk
Arbejdsmarkedets Tillaegspension (ATP) / Danish Labour Market Supplementary Pension is a statutory pension fund. It was established as an independent entity in 1964 with the objective of ensuring a greater retirement income for the Danish population. ATP has since developed to become the largest pension fund in Denmark. Together with the tax-financed basic state pension, ATP provides basic income security in old age for the Danish population.
ATP covers almost the entire Danish population representing 4.7 million members and 160,000 employers. In addition to the ATP Scheme, the ATP Group administers a number of pension and social insurance schemes, including several for the Danish state.
The ATP Group total assets under management amounted to DKK 624 billion/approximately GBP 68.4bn (i.e. assets: DKK 540 billion/GBP 62.3 billion + reserves: DKK 84 billion/GBP 9.2bn) at 31 December 2012. ATP invests in a wide variety of assets globally. Investment categories are broadly: equities, interest rates, credit, inflation and commodities.