Auto enrolment - NOW: Pensions removed from the master trust assurance list
26 July 2017
The Pensions Regulator (TPR) has been actively reviewing the position of NOW: Pensions on the list due to concerns about the governance and administration of the scheme, including delays processing some contributions and communicating with a portion of members.
The scheme trustee and NOW: Pensions have requested that their scheme be removed from the master trust assurance list, which TPR welcomes and supports. TPR has amended the online list to reflect this change; 22 schemes remain on the list, 12 of which have said that they are open to small employers.
Nicola Parish, TPR’s Executive Director of Frontline Regulation, said:
“Those in the master trust marketplace should be in no doubt that we will act if we become concerned about the way schemes are being run, no matter the size of the scheme involved. Schemes have a responsibility to meet specific criteria required to remain on the master trust assurance list. If a scheme fails to meet the criteria, we will consider removing it from the list. TPR is engaging with the scheme trustee and NOW: Pensions to address the ongoing concerns about the scheme.
Once NOW: Pensions has addressed its ongoing issues, it can apply to be put back on the master trust assurance list. TPR will monitor its progress in this.”
There is no suggestion that the assets of members are at risk as a result of the scheme coming off the list, or that employers whose workplace pensions are in place with NOW: Pensions are not complying with their automatic enrolment duties.
Employers who have used NOW: Pensions to meet their automatic enrolment duties are not required to take any action and continue to comply with their enrolment duties. If members of NOW: Pensions scheme have any questions about their savings they should contact the scheme directly on 01298 890250 or email [email protected].