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NOW:Pensions

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NOW: Pensions is a UK-based pensions scheme.[1][2]

NOW: Pensions
Company typePrivately held company
IndustryFinancial services
Founded2011
ServicesDefined contribution (DC) pension plans
Websitewww.nowpensions.com

History

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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.[2]

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.[2][1]

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.[2][3]

In February 2019 The Cardano Group acquired Now:Pensions from ATP[4] after Now:Pensions ran into multiple administration problems and years of poor performance.[2]

See also

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References

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  1. ^ a b Cumbo, Josephine (2019-01-23). "NOW Pensions executive grilled by MPs on poor performance". Financial Times. Retrieved 2024-07-15.
  2. ^ a b c d e Greenwood, John (22 February 2018). "Now:Pensions put up for sale". Corporate Adviser. Retrieved 27 November 2019.
  3. ^ "TPR fines trustee of NOW: Pensions and sets deadline by which problems must be fixed". The Pensions Regulator.
  4. ^ "The Cardano Group acquires NOW: Pensions". ATP. Retrieved 27 November 2019.
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