Workplace pensions provider NOW: Pensions announced today that it has passed the 1 million member milestone.
A subsidiary of Danish pension fund ATP, NOW: Pensions entered the UK market in 2011 offering a high quality, value for money pension scheme, designed to cater specifically for the auto enrolment market.
Key NOW: Pensions’ facts:
• 21,000 participating employers
• Of the membership, 57% are male, 43% are female
• Average fund value per member £267.74
• 65% of NOW: Pensions’ membership earn less than £18,000 per year
• Opt out rate 7.15%
Morten Nilsson, CEO of NOW: Pensions said:“From a standing start and without the benefit of an existing client base or government sponsorship, NOW: Pensions has grown to become one of the largest auto enrolment providers in the UK.
“In a short space of time, we’ve achieved a huge amount, but in many ways auto enrolment is still in its infancy. While 200,000 employers have complied with the legislation, around 1.2 million are yet to reach their staging dates.
“The biggest challenge certainly lies ahead and with the 2017 review of auto enrolment just around the corner, the government must now focus on improving adequacy of contributions to safeguard the long term success of the policy.”
For further information:
Amy Mankelow/Cheriton Lee
Tel: 0203 640 9075/02038261464