For immediate release: Tuesday 1 April 2014
NOW: Pensions has today announced that it is further strengthening its administration capability with the appointment of JLT Employee Benefits “JLT EB” as its new administration partner. The partnership has gone live and already involves more than 1,000 clients.
The appointment of JLT EB follows the launch of NOW: Pensions’ online sign up tool which allows employers and advisers to apply to join the scheme online in a matter of minutes via a secure section of the NOW: Pensions website. This platform is able to handle up to 2,500 clients every week and since launch in January 2014, 1,100 clients and advisers have used the service.
Morten Nilsson, CEO of NOW: Pensions said: “The auto enrolment market is evolving at a rapid pace and we have invested heavily in automated systems to streamline processes and ensure that we are in a strong position to manage the significant numbers of employers who are reaching their staging dates both this year and in the years to come.
“We selected JLT EB as our administration partner for the next phase of auto enrolment as it has an in-depth understanding of pension administration and shares our vision of providing all types of employers with simple and automated processes. JLT EB has shown its strength in dealing with the needs of groups of smaller employers and offers the flexibility to rapidly scale up as required.”
Malcolm Reynolds, Managing Director, JLT Employee Benefits said: “NOW: Pensions’ appointment of JLT EB to undertake its scheme administration is a very strong endorsement of our offering and the professionalism of our staff. 2014 is a crucial year for the success of auto-enrolment, and having effective systems and efficient administration will be key to its success, driving low opt-out rates and increased engagement. We are confident that our corporate offering and ability to form meaningful partnerships with our clients will ensure a strong and long-lasting relationship with NOW: Pensions.”
– Ends –
For further information:
Tel: 07941 105879
Tel: +44 207 294 3615
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.
The NOW: Pension Trustee Directors, whose role is to safeguard the interests of members, comprises well-known industry figures with different areas of expertise:
- 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
- Imelda Walsh, former Group HR Director of Sainsbury’s
- 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.
JLT Employee Benefits www.jltgroup.com/eb
JLT Employee Benefits is one of the UK’s leading employee benefit providers offering a wide range of benefit and pension services, including administration, actuarial and pension consultancy, investment, Self Invested Personal Pensions (SIPPs) and Small Self Administered Schemes (SSASs) administration, flexible benefits, healthcare, benefit communication and financial education.
JLT Employee Benefits, which through the recent acquisition of Alexander Forbes Consultants & Actuaries, now employs over 2,000 professionals. In 2013 JLT Employee Benefits had revenues of some £178m in the UK.
Pensions and employee benefits companies within the JLT Employee Benefits group of companies include: JLT Benefit Solutions Ltd, Profund Solutions Limited, JLT Wealth Management Limited, JLT Investment Management Limited and Independent Trustee Services Limited. JLT Employee Benefits is part of Jardine Lloyd Thompson Group plc.