• Source: NOW:Pensions

      • NOW: Pensions is a UK-based pensions scheme.


      History


      The Pensions Act 2008 established new duties which require employers to automatically enrol eligible workers into a workplace pension plan that meets certain minimum standards. NOW: Pensions was set up by ATP of Denmark for employers requiring a scheme to fulfil their duties under the Act.
      ATP launched Now:Pensions in early 2012, Morten Nilsson was headed the group as CEO.
      During the three years leading up to June 30, 2017 Now:Pensions achieved a 2.8 percent annualized return, which was significantly less than the returns achieved by almost all of its competitors during the same time.
      In November 2017 the Pensions Regulator fined the trustees of Now:Pensions £50,000 for administration problems. Followed by a fine for £20,000 in February 2018.
      In February 2019 The Cardano Group acquired Now:Pensions from ATP after Now:Pensions ran into multiple administration problems and years of poor performance.


      See also


      Pensions in the United Kingdom
      The Pensions Regulator
      National Employment Savings Trust
      The People's Pension


      References




      External links


      NOW: Pensions' website
      Details about automatic enrolment on the webpage of The Pensions Advisory Service (TPAS)
      Link to the UK Government web page covering the consultations on plans to apply a charge cap of 0.75% of funds under management on default funds of DC pension schemes from April 2015
      The Pension Regulator’s code of practice for DC schemes on the TPR website
      Link to UK Government web page announcing five millionth person to be automatically enrolled

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