‘Your future is now’ – NOW: Pensions announces significant developments for 2024 to benefit members.
- Roll out of new technology will ensure NOW: Pensions continues to be a key player in the second decade of auto enrolment
- New mobile app and online portal will give members, employers and payroll bureaus instant access to a greater range of features
- Free pensions consolidation service will help members to find and combine multiple pots with NOW: Pensions
- New investment choice to complement current default investment option, allowing members greater flexibility over the future of their pensions
30 November 2023: Workplace pensions provider NOW: Pensions, which looks after the savings of millions of UK employees, today announces a series of developments to its proposition that are due to be rolled out to members and employers in early summer 2024.
The evolution will build on the simplicity, scalability and affordability of NOW: Pensions’ existing offering by adding more choice, flexibility and functionality for members. Its product enhancements include:
- Launching a new mobile app to make it easier for members to manage their pension savings, providing access to information and functions including payments and transfer support
- Providing a free pension consolidation service for members, accessible using the app, so they can find and combine multiple pension pots with NOW: Pensions
- Introducing new investment choice to complement the default option
- Unveiling an enhanced online portal for employers and payroll bureaus, allowing greater integration with their existing payroll set-ups and greater functionality for member verification, matching and adjusting contributions.
The upgrades underline the scheme’s commitment to help everyone save for a more financially secure future, by bringing effective pension saving to more workplaces and employees.
NOW: Pensions, which currently has over £4 billion of assets under management (AUM), has been one of the key players in a transformative decade for UK pension saving under auto enrolment (AE).
These developments are supported by investment in new technology, with NOW: Pensions appointing TCS as its new administrative and technical partner from 2024 following a strategic review of the market.
Patrick Luthi, CEO of NOW: Pensions, comments: “UK pensions provision has to evolve and prioritise members’ needs for accessible solutions which are easy to understand and use.
“We’ve invested a huge amount of time and effort to ensure our platform is fit for the future and can serve a growing membership who choose NOW: Pensions, including thousands of employers and millions of savers, while also supporting wider consolidation in the DC market.
“The result is a high-performance proposition which puts pensions in the palm of people’s hands through a modern, secure and flexible experience.
“These upgrades combine simplicity for clients who are new to pensions with sophistication for larger employers who want flexibilities that go beyond their current provider.”
Joanne Segars OBE, Chair of Board of Trustees, NOW: Pensions comments: “These developments put NOW: Pensions on track to be a driving force in the future of workplace pensions by meeting the needs of the modern workforce and employers.
“The plans show NOW: Pensions is putting members’ outcomes at the heart of every decision, investing in technology and innovation to give people more control over their pensions.
“Retirement for many people may be a long way off, but a fair pension should never feel out of reach. NOW: Pensions is a positive force within the industry which has already helped two million savers on their savings journey and campaigned for change to support millions more.”
Michael de Lathauwer, Group CEO, Cardano, comments: “Since NOW: Pensions became part of Cardano Group in 2019, I’ve seen the business remain steadfast to its commitment for fair pensions for all. This is an important moment of growth for the business, demonstrated by it recently reaching more than £4 billion AUM.
“NOW: Pensions is a key component of our Group vision to deliver better and more secure financial outcomes. We fully support its plans to harness technology to offer straightforward solutions for employers and members, including those who would otherwise be underserved by the market and underprepared for retirement.”
ENDS
Notes to Editors
For more information, please contact:
NOW: Pensions
pressoffice@nowpensions.com
Instinctif
Libby Wallis/Leonora McCaldin
07581 205 660 / 020 7457 2020
nowpensions@instinctif.com
About NOW: Pensions
NOW: Pensions is an award-winning UK workplace pension provider. We look after the pension savings of millions of members on behalf of tens of thousands of employers from a wide range of industries.
We have a clear mission – to help everyone save for a more financially secure future. This means achieving the best financial outcomes for our own members, while fighting for a fair pension system to enable all pension savers to enjoy the retirement they deserve. We do this by highlighting pension inequalities and campaigning for change.
We are the UK’s third largest auto enrolment pension provider by number of members.
NOW: Pensions is part of the Cardano Group, a market leader in providing risk and investment management services designed to make pensions outcomes more stable and robust.
NP/PR0026/10/2023