NOW: Pensions, the workplace pension provider for two million people, today (11 January) announces the appointment of Lizzy Holliday to the role of Director of Public Affairs and Policy.
Lizzy will be responsible for leading the Public Affairs and Policy strategy for the business, with a continued focus on amplifying NOW: Pensions’ mission to help everyone save for a more financially secure future and make pensions fair for all*.
She brings a wealth of knowledge and expertise to the business, having worked in pensions policy for over 15 years. During this time Lizzy has been instrumental in developing policy solutions to support the expansion of workplace pensions in the UK and achieve better outcomes for pension savers.
Lizzy joins the master trust from the Department for Work and Pensions (DWP) where she led on significant policy changes to private pensions. These included the development of new frameworks such as the master trust authorisation and the initial Collective Defined Contribution (CDC) and Defined Ambition (DA) pension frameworks.
Lizzy was previously seconded from DWP to the Pension Lifetime Savings Association (PLSA) in 2019, where she oversaw the delivery and implementation of the Retirement Living Standards, along with the PLSA’s decumulation consultation and recommendations.
Reporting into Eleanor Levy, NOW: Pensions’ Chief Commercial Officer, Lizzy will support the provider’s growth ambitions and collaborate with policymakers and the pensions industry to inform and adapt to regulatory changes, including the implementation of pensions dashboards.
NOW: Pensions is part of the Cardano Group, the pensions advisory and investment management specialist. Within her role, Lizzy will work across the Group to ensure a continued alignment of Group wide policy and strong engagement with the public affairs agenda.
Lizzy Holliday, Director of Public Affairs and Policy, NOW: Pensions says: “I am hugely passionate about driving greater pension equality, improving outcomes for members, and investing sustainably. I am thrilled to embark on this new challenge at NOW: Pensions, which has been a major player in expanding UK pension savings through auto-enrolment over the last decade and shares my passion for making pensions fairer for all.”
Patrick Luthi, CEO, NOW: Pensions, says: “Lizzy’s appointment reaffirms our commitment to drive positive change for our members and the wider pensions industry. We are focused on providing the best possible service to our two million members and ensuring more people can benefit from pension saving via the workplace. 2023 will be a significant year for NOW: Pensions and Lizzy’s experience of the pensions policy landscape will be a real asset to us and the wider Cardano Group.”
*NOW: Pensions is on a mission to fight for fair pensions for all. The latest Underpensioned Index, in partnership with the Pension Policy Institute, was published in December 2022 and revealed that the pension wealth gap has worsened since 2020. Over 8.6 million people from ‘underpensioned’ groups are now missing out on workplace pension savings.
To close this gap and create a more inclusive pensions industry, NOW: Pensions has four key policy asks:
- Family carer top-up – Introducing a ‘family carer’ top-up would help 3 million women and 300,000 men top up their pension savings after taking time out to care for children and elderly relatives
- Extension of automatic enrolment – We are calling on the government to remove the £10,000 auto enrolment trigger. Lower earners could have made around £273m in contributions over a one-year period in 2021, with £102m from employer contributions and £171m from employee contributions.
- Pension sharing – Just 12% of divorces result in any pension division. Ensuring that pension funds are taken into account by default in divorce settlements will help address pension inequality
- Pension contributions from the first £1 of earnings – Doing so would increase wealth for these groups by an average of 30%. For some groups, such as single mothers, this could be even more with an increase of 52% on average.