For immediate release: 12 June 2013
One of the UK’s top universities joined the NOW: Pensions Trust in April 2013
NOW: Pensions today announces that Durham University, one of the UK’s oldest universities and leading academic centres, has appointed NOW: Pensions to provide the auto-enrolment solution for its employees.
The university, the third oldest in England, joined the NOW: Pensions scheme in April 2013, enrolling its workforce of support staff into the workplace pension programme, in line with its staging dates.
Janet Robertson, Payroll and Pensions Manager at Durham University, commented: “We appointed NOW: Pensions due to the breadth of its proposition and its ability to deliver a solution that is effective for both employers and employees. Its unique investment strategy is designed to perform and protect, which will help deliver the pension returns our members need and deserve. The scheme can also handle all aspects of auto-enrolment, from categorisation to communication, and uses lean processes and efficient technology to help keeps costs down and ensure members are not impacted by needlessly high charges.”
Morten Nilsson, CEO of NOW: Pensions, commented: “This is an exciting appointment within a new sector for NOW: Pensions, and with a client that shares our commitment to excellence and continued innovation. Durham University has a wealth of knowledge and experience when it comes to pensions and its decision to work with us is testament to our committed, modern and transparent approach. We are committed to providing a high-quality and risk-managed pension scheme that is simple to implement, adds value, and offers the best possible long-term returns for employees. We look forward to working with this prestigious and heritage-rich institution.”
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Notes for editors:
Durham University is the UK’s third oldest university after Oxford and Cambridge. It has been a leading European centre of learning for 1,000 years and is ranked in the World Top 100 universities. The university comprises of 16 Colleges and over 25 academic departments, faculties, schools, and other institutions, and is home to nearly 15,000 students.
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.
In April 2013, NOW: Pensions became the first master trust to attain the NAPF’s new PQM Ready Standard. The benchmark shows employers that NOW: Pensions is a well governed pension scheme with low charges and good member communications.
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.