NOW: Pensions comments on Government response to the Work and Pensions Committee report on pension freedoms

FOR IMMEDIATE RELEASE 22 June 2018

Troy Clutterbuck, CEO of NOW: Pensions said: “While the government does not believe that default decumulation pathways are consistent with the freedom and choice reforms, they are entirely consistent with auto enrolment where savers often are unengaged and make no active decisions at all.

“Right now, this isn’t an issue for auto enrolled savers. Of the 4,331 NOW: Pensions members who took their retirement benefits during 2017, the average fund value was just £732 and virtually all took their entire fund as cash.

“Fast forward 10 or 15 years and the needs of these savers will change. There needs to be a twin track approach for engaged and disengaged savers with defaults available to those who have relied on our trustees to safeguard their interests throughout and want to continue to do so.”

–     ENDS     –

 

For further information:

Amy Mankelow / Cheriton Alexander

NOW: Pensions

Tel: 0203 948 9234 / 0203 948 9236

amy.mankelow@nowpensions.com / cheriton.alexander@nowpensions.com

 

Ben Wright

Cicero Group

020 3841 9333

ben.wright@cicero-group.com

 

Notes to editors

NOW: Pensions www.nowpensions.com @nowpensions

NOW: Pensions is one of the UK’s largest workplace pension providers with over a million members and tens of thousands of employers from a wide range of sectors. A company wholly owned by Danish pension scheme ATP; one of Europe’s largest pension funds. NOW: Pensions entered the UK market in 2011 with a simple and cost effective workplace pension designed specifically with the auto enrolment market in mind.

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