"This package of measures... should ensure that the issues with NOW: Pensions which have persisted for so long are finally resolved."
The Pensions Regulator has fined NOW: Pensions a total of £70,000 and given the firm a deadline to fix "long-running issues with the pension scheme", including persistent administrative failings which have led to some scheme members’ savings not being collected from employers and invested.
TPR fined NOW: Pensions £50,000 in November 2017 for failing to ensure that all employee and employer contributions were collected and invested promptly, and a further £20,000 in January 2018 for failing to keep some members properly informed.
NOW: Pensions has assured TPR that there is no risk to any of the funds that it has collected on behalf of members but has agreed to set up a scheme of compensation for members who have been affected.
As part of ongoing engagement with TPR, NOW: Pensions voluntarily withdrew from the master trust assurance list in July 2017 and appointed an independent trustee, Dalriada, to assist with driving the improvements required.
However TPR has warned that if key steps are not taken and completed on time, NOW: Pensions could be fined again.
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 NPL focus on resolving the issues as swiftly as possible.
“Trustees, sponsors and administrators should be in no doubt that we will act if we are concerned about the way schemes are being run.”