For immediate release: Wednesday 18th December 2013
NOW: PENSIONS LAUNCHES ONLINE SIGN UP TOOL FOR AUTO ENROLMENT
NOW: Pensions, the independent multi-employer trust has today launched a new online sign up tool to help advisers get their clients on-board with NOW: Pensions quickly and easily without the need for a wet signature.
As auto enrolment gathers pace, the volume of companies reaching their staging date will rise exponentially. Next year, there will be an eightfold increase with 30,000 companies alone staging over a four month period in mid-2014.
The new online sign up tool is designed to help advisers deal more efficiently with large volumes of work and is scaled to handle up to 2,500 clients every week.
By logging onto a secure section of the NOW: Pensions website, advisers can fill out an online form on behalf of their client. The form covers all information needed to set up a scheme and takes a matter of minutes.
At the end of the process a participation agreement is produced which the client can submit online without the need for a wet signature.
Once the online documentation is received, NOW: Pensions provide implementation details to the client within 24 hours.
David Bullard, Financial Advisor at Compass Independent Financial Services in Norwich who was among the first to use the online sign up service said: “It is important to our existing and new corporate pension clients that we offer a firm acceptance in a timely fashion due to the time constraints of impending staging dates. With the introduction of the online sign up process and NOW: Pensions’ general ethos of being available to all, we see NOW: Pensions as being very important to us as an advisory firm for the coming months and years.”
Morten Nilsson, CEO at NOW: Pensions said: “Next year, thousands of small and medium sized companies will be turning to their advisers to support them through the complexities of auto enrolment. Put simply, the key to making auto enrolment advice affordable for employers but profitable for advisers is scale and our new online sign up tool will help advisers process their clients’ applications quickly and easily. It’s simple, fast and straightforward.”
From early next year, the online sign up service will be available for employers to use directly.
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For further information:
Tel: +44 203 640 9075
Tel: +44 207 294 3620
Notes for editors:
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 one of the largest pension funds in Europe and 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 4.8 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 602bn/approximately GBP 67.5bn at 30 June 2013. ATP invests in a wide variety of assets globally. Investment categories are broadly: equities, interest rates, credit, inflation and commodities.