Morten Nilsson, CEO of NOW: Pensions comments on the FCA and DWP’s joint call for evidence on transaction costs.

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For immediate release: Monday 2 March 2015

“Full transparency of costs and charges is essential in order to rebuild confidence in pension saving.

Getting to the point where transaction costs can be published in a standardised and comparable format isn’t going to be easy but, despite what many in the industry claim, it can be done.

It would have been preferable if this work had been completed sooner to help trustees and IGCs who are expected to gather information from April.”

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For further information:

Amy Mankelow
NOW: Pensions
Tel: 020 3640 9075
amy.mankelow@nowpensions.com

Valentina Kristensen
Lansons Communications
Tel: +44 207 566 9720
nowpensions@lansons.com

Notes to editors

NOW: Pensions www.nowpensions.com @nowpensions

NOW: Pensions is an independent, multi-employer trust serving thousands of employers and hundreds of thousands of employees from a wide range of sectors.

A subsidiary of one of Europe’s largest pension funds, Danish pension scheme ATP, NOW: Pensions offers a simple and cost effective workplace pension solution direct to employers and via advisers and the payroll sector.

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.

In January 2015, NOW: Pensions achieved independent assurance of scheme quality in accordance with the new master trust assurance framework AAF02/07 introduced by The Pensions Regulator (TPR) in conjunction with the Institute of Chartered Accountants in England and Wales (ICAEW).

The NOW: Pension Trustee Directors, whose role is to safeguard the interests of members, comprises well-known industry figures with different areas of expertise:

  • Jocelyn Blackwell, founding partner Dunnett Shaw
  • Christopher Daykin, former Government Actuary
  • John Monks, member of House of Lords and former General Secretary of ETUC and TUC
  • Win Robbins, former Head of European Fixed Income at Barclays Global Investors
  • Nigel Waterson, former Shadow Pensions Minister

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.

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NOW: Pensions has a good technical infrastructure combined with a pension product suitable for our team. We couldn’t be happier with NOW: Pensions.
Martin Woods, SALT.agency