NOW: Pensions is the 3rd biggest master trust in the UK serving over 1.7 million employees.[1]

NOW: Pensions
TypePrivately held company
IndustryFinancial Services
Founded2011
ServicesDefined contribution (DC) pension funds
Websitewww.nowpensions.com

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.[1]

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.[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.[1][2]

In February 2019 The Cardano Group acquired Now:Pensions from ATP[3] after Now:Pensions ran into multiple administration problems and years of poor performance.[1]


See also

References

  1. 1 2 3 4 5 Greenwood, John (22 February 2018). "Now:Pensions put up for sale". Corporate Adviser. Retrieved 27 November 2019.
  2. ↑ "TPR fines trustee of NOW: Pensions and sets deadline by which problems must be fixed". The Pensions Regulator.
  3. ↑ "The Cardano Group acquires NOW: Pensions". ATP. Retrieved 27 November 2019.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.