I’m pleased to share this year’s Chair’s Statement on behalf of the Trustee Directors of NOW: Pensions (‘the Scheme’). Our Statement sets out what we have done on your behalf to make sure that the Scheme is run in the best interests of members over the Scheme Year that ran from 1 April 2019 to 31 March 2020.
Master Trust Authorisation
It has been a busy year. Perhaps the most important development came in September 2019 when the Scheme was granted Master Trust Authorisation by The Pensions Regulator. This means all our processes to operate the Scheme – from the collection and payment of contributions, member record keeping and the appointment of advisers, to our approach to managing risk and the financial sustainability of the Scheme – were deemed to be of a high standard.
Additionally, each Trustee Director and each member of the Executive Team working for NOW: Pensions Limited (NPL), which is the Scheme Founder and provides services to the Trustee, was approved as ‘fit and proper’ to be looking after your future retirement income. This new authorised status means our members can be assured that your interests are looked after.
New Trustee Directors
This has also been a year of change. Two of our Trustee Directors, Chris Daykin and Matthew Simms, stepped down from the Board and we welcomed Ed Jones and Ted Sotir. Following the end of the Scheme Year, Kevin Wesbroom, on behalf of Capital Cranfield Pension Trustees Ltd, was also appointed to the Board. Their skills and expertise add further strength to our Trustee Board.
We also welcomed Patrick Luthi as the new CEO of NPL. We continue to work closely with him and his team to support our nearly 2 million members.
It has also been a year of continual improvement, and the Statement sets out how we have worked to improve the way we process your contributions, how we invest your money, how we communicate with you, and most importantly, how we ensure we deliver good value for you, our members.
You can read about all these topics, and more, in detail on the statement.
Learn more about NOW: Pensions with this handy infographic below: