now:pensions is a master trust pension. Its legal name is the NOW: Pensions Trust.
A master trust is a pension scheme lots of different employers take part in.
A trustee – (a person or organisation that manages money or assets on behalf of, and for the benefit of, someone else) – manages the master trust and makes decisions on the members’ behalf. The trustees of a master trust are legally responsible for ensuring that the scheme is run properly, in line with its trust deeds and rules, and pensions law and regulations.
They are also responsible for ensuring that members’ pension savings are kept safe and invested appropriately, and that money from the scheme is paid out correctly and on time.