For release: 8am Monday, 23 July 2012
- ISS UK, a leading provider of facility services, appoints NOW: Pensions as its auto enrolment pensions provider
ISS UK has appointed NOW: Pensions Trust (an independent multi-employer trust) to provide its auto enrolment pension scheme. From January 2013, NOW: Pensions will be responsible for providing the auto enrolment pensions to eligible employees within ISS UK’s workforce of 42,500 people.
ISS UK is the market leading provider of facility services to private and public sector organisations across the UK, dedicated to offering a full range of facility services including catering, support, property, landscaping and security services, from one point of contact.
NOW: Pensions will provide an auto enrolment pension for all eligible employees, across all income brackets and across a number of payrolls with different frequencies, ensuring the best possible pension scheme is offered to all.
Matthew Brabin, CFO, ISS UK commented: “With the imminent arrival of auto enrolment, our goal went beyond compliance to finding the best possible solution for our employees. As a result, we considered the full range of providers. We chose NOW: Pensions as it has the best cultural fit for ISS and we believe it will offer our employees the best mix of long term investment returns, strong risk management and low scheme costs for members. NOW: Pensions already has the experience of delivering auto enrolment successfully in other markets.”
Morten Nilsson, CEO of NOW: Pensions said: “We are very proud and excited that ISS has chosen NOW: Pensions as its auto enrolment partner. ISS is a company that is dedicated to impeccable customer care, with a flexible approach and a belief in teamwork – all of which is in synergy with NOW: Pensions’ own work ethic. We are committed to providing employers with a simple, low-cost and risk-managed pension scheme, offering the best possible returns for employees. We have low charges to ensure everyone is offered value for money and can benefit from the high returns our fund offers. We look forward to working with ISS and providing its employees, our members, with better pensions.”
NOW: Pensions is committed to developing a better workplace pension provision in the UK by offering a simple, systematically risk managed, cost efficient and high performance pension product that delivers better retirement savings for UK employees across all income brackets. With over 45 years’ experience providing Denmark’s working population with stable and consistent pension returns, NOW: Pensions is set to transfer the knowledge acquired in Denmark to the UK pension market ready for auto-enrolment.
Nilsson concludes: “The introduction of auto-enrolment is rapidly approaching for larger businesses and it is vital that all employers are prepared for its implementation. Providing a pension scheme for employees who span a number of different income brackets or with multiple payrolls does not have to be a complex and costly process. NOW: Pensions aims to take away the administrative burden and has developed a product that ensures the implementation of work place pensions is as smooth as possible for companies of all sizes.”
About auto enrolment:
Auto enrolment legislation has been designed to encourage a retirement savings culture in the UK. This new legislation requires all employers to automatically enrol some or all members of their workforce (depending on age and salary level) into a pension scheme that meets certain minimum standards. Some workers will also have the right to ask their employer to enrol them. Employers will then be required to make contributions to this pension scheme adding to the savings made by their employees.
Auto enrolment will be phased in over 5 ½ years with the largest employers leading the way with the first staging date on 1 October 2012, followed by medium-sized employers and lastly small and micro employers. The size of an employer’s largest PAYE scheme will determine at what point the new duties affect their organisation. The Pensions Regulator will write out to employers 18 months before their staging date.
– Ends –
For further information:
Michael Evans / Isabel Soper
Tel: +44 207 593 4000
Pippa Gibb /Shirley Hatherton/ Jennifer Stevens
Tel: +44 7970 441 046 / +44 7711 142 147
Notes for editors:
ISS Facility Services is the operating division of ISS UK, part of the global ISS Group, providing the full range of facility services to the public and private sectors, employing around 42,500 people across the UK.
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
- Lars Rohde, CEO of ATP Group
- 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, systematically risk managed, cost efficient and high performance 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
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 inDenmark. 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 assets amounted to approximately DKK 579 billion (GBP 65bn) and DKK 74 billion (GBP 8.3bn) reserves at 31 December 2011. ATP invests in a wide variety of assets globally. Investment categories are broadly: equities, interest rates, credit, inflation and commodities.