NOW: Pensions comments on Pensions Dashboard prototype

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For immediate release: Monday 12 September 2016

Commenting on today’s announcement from HM Treasury of a plan to build a prototype of the Pensions Dashboard by March 2017, Morten Nilsson CEO of NOW: Pensions said:

The development of a prototype Pensions Dashboard is a huge step forward for the industry with immediate and obvious benefits for savers.

“One of the inevitable side effects of auto enrolment will be a huge rise in the number of pension pots individuals will accumulate over the course of their working lives.

“Over 40 years of saving, it will be easy to lose sight of these pension pots and a Pensions Dashboard will make keeping track of pension savings a less onerous task. A Dashboard will also help savers better understand what their income is likely to be in retirement allowing them to build a realistic savings plan for the future.”

Research* conducted by NOW: Pensions revealed three in five (60%) British workers have already had at least four jobs in their lifetime, with one in ten (12%) over 55s having worked at more than ten different places.

As a result, over half (56%) have more than one pension pot and nearly one in ten (8%) have four or more – a figure which rises to one in four (25%) for those aged over 55.

When it comes to keeping track of these pension pots there is room for improvement as almost a third (32%) admit they don’t know where all their pension pots.

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For further information:

Amy Mankelow
NOW: Pensions
Tel: 0203 640 9075

Notes for editors:

*Research conducted by Censuswide in September 2013 with 2,000 respondents, aged over the age of 21 who have a workplace pension.

NOW: Pensions @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

Employee 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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“We were impressed with the simplicity of its scheme. The ease of implementation was also a big plus for us and has removed much of the administrative headache.” — Neil Tune, HR director at Fitness First
I'm excited by the opportunity to help bring to the UK auto-enrolment market NOW: Pensions, a customer-friendly and responsive trust-based alternative to NEST and to contract-based offerings. — Chris Daykin, the former Government Actuary
I firmly believe in NOW: Pensions' principle that everyone deserves the right to a better retirement. I look forward to being part of the team which aims to achieve this in the UK. — Win Robbins, former Head of European Fixed Income Barclays Global Investors
I am backing NOW: Pensions, the ATP project, because I believe it will encourage transparency, low costs and decent returns for millions of British employees. — Nigel Waterson, former Shadow Pensions Minister
Why do we insist on having a choice of fund manager when the evidence shows there is usually no benefit to be gained…and there is always a negative impact in terms of cost? — Anthony Hilton financial editor of the Evening Standard writing in Pensions World, June 2013