The Pensions Regulator has given the trustee and trust manager of NOW: Pensions a deadline to fix long-running issues with the pension scheme
TPR has ordered Now:Pensions to resolve persistent administrative failings that have led to some scheme members’ savings not being collected from employers and invested.
TPR has fined the trustee (NOW: Pension Trustee Limited) a total of £70,000 for its failings and has issued it with an Improvement Notice. A related notice, called a Third Party Notice, has been issued to the trust manager (NOW: Pensions Ltd, or NPL).
Nicola Parish, TPR’s Executive Director of Frontline Regulation, said:
'This package of measures, together with those voluntarily taken by the trustee, should ensure that the issues with NOW: Pensions which have persisted for so long are finally resolved. We will continue to monitor progress and will issue further fines if necessary to ensure that the trustee and NOW: Pensions Limited focus on resolving the issues as swiftly as possible.'
The trustee has assured TPR that there is no risk to any of the funds that NOW: Pensions has collected on behalf of members. The trustee and NOW: Pensions Limited have also agreed to set up a scheme of compensation for members who have been affected.
TPR believes that there is no need for advisers to recommend that their employer clients look to unravel automatic enrolment arrangements and makes clear:
'Trustees, sponsors and administrators should be in no doubt that we will act if we are concerned about the way schemes are being run.'