NOW: Pensions passes 1 million member milestone

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For immediate release: Tuesday 13 September 2016

Workplace pensions provider NOW: Pensions announced today that it has passed the 1 million member milestone.

A subsidiary of Danish pension fund ATP, NOW: Pensions entered the UK market in 2011 offering a high quality, value for money pension scheme, designed to cater specifically for the auto enrolment market.

Key NOW: Pensions’ facts:

  • 21,000 participating employers
  • Of the membership, 57% are male, 43% are female
  • Average fund value per member £267.74
  • 65% of NOW: Pensions’ membership earn less than £18,000 per year
  • Opt out rate 7.15%

Morten Nilsson, CEO of NOW: Pensions said: “From a standing start and without the benefit of an existing client base or government sponsorship, NOW: Pensions has grown to become one of the largest auto enrolment providers in the UK.

“In a short space of time, we’ve achieved a huge amount, but in many ways auto enrolment is still in its infancy. While 200,000 employers have complied with the legislation, around 1.2 million are yet to reach their staging dates.

“The biggest challenge certainly lies ahead and with the 2017 review of auto enrolment just around the corner, the government must now focus on improving adequacy of contributions to safeguard the long term success of the policy.”

 

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For further information:

Amy Mankelow/Cheriton Lee
NOW: Pensions
Tel: 0203 640 9075/02038261464

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

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

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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...its simple design means the pressure is taken off us as the employer and avoids costly administration charges, whilst removing the burden of choice and ensuring the best possible retirement outcome for our employees. — Matthew Johnson, Head of Compensation and Benefits at Adecco Group UK & Ireland
ATP comes to the UK pensions world with the highest commendations from the Danish trade unions, employers and government. NOW: Pensions' offering in the UK will be high quality, low cost, and honest and I'm proud to be associated with it. — John Monks, member of House of Lords and former General Secretary of ETUC and TUC
NOW: Pensions' risk management and diversified growth fund are state of the art. — Win Robbins, former Head of European Fixed Income Barclays Global Investors
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'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