NOW:Pensions
NOW: Pensions is a private UK-based financial institution specialized in pensions.[1][2]
| Type | Privately held company |
|---|---|
| Industry | Financial services |
| Founded | 2011 |
| Services | Defined contribution (DC) pension plans |
| Website | www.nowpensions.com |
History
[edit]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. This was followed by a fine for £20,000 levied 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]
In 2025, Now:Pensions made its first investment in private markets with an allocation to UK affordable housing.[5][6]
See also
[edit]References
[edit]- 1 2 Cumbo, Josephine (2019-01-23). "NOW Pensions executive grilled by MPs on poor performance". Financial Times. Retrieved 2024-07-15.
- 1 2 3 4 5 Greenwood, John (22 February 2018). "Now:Pensions put up for sale". Corporate Adviser. Retrieved 27 November 2019.
- ↑ "TPR fines trustee of NOW: Pensions and sets deadline by which problems must be fixed". The Pensions Regulator.
- ↑ "The Cardano Group acquires NOW: Pensions". ATP. Retrieved 27 November 2019.
- ↑ Staff, I. P. E. (7 July 2025). "Now:pensions enters private markets with first investment". IPE.
- ↑ Simon, Emma (7 July 2025). "Now: Pensions makes first investment under Mansion House Accord". Corporate Adviser.
External links
[edit]- 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