A report published today by The Pensions Regulator has confirmed that by the end of 2018, the NOW: Pensions Trust had taken “all reasonable steps to comply with notices” issued in relation to historic administrative issues.
The report states: “Almost all of the work needed to resolve the historic administrative issues has now been completed. While there are still some cases of outstanding contributions, and some member records to rebuild so that collected contributions can be invested, these largely relate to insolvency cases, or cases which can be classed as ‘business as usual’ for a master trust of this size and scope.”
To prevent these issues happening again, NOW: Pensions has moved all its 32,000 clients onto its new, market leading, in-house Gateway auto enrolment system.
The report states: “Members who have been automatically enrolled into the scheme should now see their contributions being promptly paid and invested for their benefit. There has been a genuine change in the scheme’s governance and administration. This has been supported by both changes in key personnel, and by NPL and the trustee adopting a more proactive approach and taking responsibility for making improvements. Both members and participating employers should benefit from this going forward.”
All money NOW: Pensions has received is completely safe and for members affected by delays processing contributions, unit adjustments are being made to put them back in the position they would have been in had their contributions been processed in a timely manner. This work is very nearly complete, with the typical adjustment being under £5.
Nigel Waterson, Chair of the Trustee, NOW: Pension Trust (NPTL) said: “The Trustee Directors and NPL have worked closely with TPR throughout this process and we are very pleased with today’s report which recognises we are largely back to business as usual.
“Feedback we’ve had from those using the Gateway system has been hugely positive and with the significant investment and improvements that have been made throughout the business, NOW: Pensions is set to go from strength to strength. We are working hard on our authorisation application and look forward to submitting it in due course.”
Troy Clutterbuck, CEO of NOW: Pensions Limited (NPL) said: “I am grateful to employers for their help and co-operation as NPL has carried out this complex work and I am sorry for the length of time it’s taken to put things right.
“As one of the largest auto enrolment providers, I am acutely aware of the important role we play in supporting people with their retirement savings.
“We have made fundamental changes throughout our business to improve our operations and remain fully committed to the auto enrolment market. We will continue to play a key role in safeguarding the success of the policy so that it delivers on its promise of providing millions more people with a better retirement.”