Nigel Waterson, Chair of the Trustee at NOW: Pensions, has today announced that he is standing down after more than seven years in the role.
Joanne Segars OBE, appointed to the NOW: Pensions Trustee Board in 2017, will lead the Board on an interim basis whilst the Trustee Board considers further its composition.
As a result of the announcement that the Cardano Group has agreed to acquire NOW: Pensions Ltd, and whilst the Trustee Board reviews its composition in light of Nigel’s decision to step down, The Pensions Regulator has granted NOW: Pensions an extension to its application period for master trust authorisation of six weeks.
John Rowland, Non-Executive Chairman, NOW: Pensions Ltd said: “Nigel has been with NOW: Pensions from the outset and has made a huge contribution, helping to ensure that we keep members at the heart of everything we do. We will miss his wisdom, wit and insight and wish him the very best for the future.”
Nigel Waterson said: “I am proud of what we have achieved at NOW: Pensions. When I joined, we had no members and no funds. Today, we are the third largest master trust and a major player in the wider pensions sector. With the historic administrative issues largely resolved, we are well placed for authorisation, and for the Cardano Group to acquire the business following authorisation. This feels like a natural point to step down.
“I know that our 1.7 million members will continue to be very well served and I wish NOW: Pensions the very best for the future.”
Joanne Segars OBE said: “We are grateful to The Pensions Regulator for the extension to our application deadline while we make the necessary amendments in light of the Cardano acquisition and Nigel’s decision to step down from the Trustee Board and we look forward to submitting our application shortly.”
The NOW: Pensions’ Trustee board comprises well-known industry figures with different areas of expertise:
- Jocelyn Blackwell, founding partner Dunnett Shaw
- Adrian Kennett on behalf of Dalriada Trustees
- Christopher Daykin, former Government Actuary
- Joanne Segars, former Chief Executive, Pensions and Lifetime Savings Association
- Matthew Simms, Independent Trustee Director for the Hermes Group Pension Scheme and the National Physical Laboratories Pension Scheme.