For immediate release: Tuesday 6 August 2013
The University of St Andrews, Scotland’s first university and the third oldest in the English speaking world has appointed NOW: Pensions to provide the auto-enrolment solution for its 460 eligible employees.
Founded in 1413, St Andrews has established a reputation as one of Europe’s leading and most distinctive centres for teaching and research. Its eligible employees joined the NOW: Pensions scheme on 1 July 2013 in line with its staging date.
Mr Derek A Watson, Chief Operating Officer at The University of St Andrews said: “We undertook a thorough assessment to find the best provider to meet our auto-enrolment requirements. NOW: Pensions’ fresh and thoughtful approach really resonated with us and the benefits of its proposition were immediately obvious. In choosing NOW: Pensions, we feel confident that our employees will benefit from a high quality, low cost scheme that offers consistent returns.”
Morten Nilsson, CEO of NOW: Pensions, comments: “The University of St Andrews is one of the most respected in the world with a reputation for excellence and rigour. Its decision to appoint NOW: Pensions is a ringing endorsement and reinforces our growing reputation in the UK pensions market.”
The University of St Andrews is the second university to join the NOW: Pensions Trust following Durham University which appointed NOW: Pensions in April 2013.
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For further information:
Tel: +44 203 640 9075
Jennifer Stevens / Victoria Leyton
Tel: +44 207 566 9723 / +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
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 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 4.7 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 624 billion/approximately GBP 68.4bn (i.e. assets: DKK 540 billion/GBP 62.3 billion + reserves: DKK 84 billion/GBP 9.2bn) at 31 December 2012. ATP invests in a wide variety of assets globally. Investment categories are broadly: equities, interest rates, credit, inflation and commodities.