• Home
  • Admin/Tech
  • Benefits
  • Buzz
  • DB
  • DC
  • Diversity
  • Investment
  • Law & regulation
  • Risk reduction
  • Events
  • Whitepapers
  • Spotlights
  • Digital Edition
  • PPTV
  • Newsletters
  • Sign in
  •  
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
    •  

      You are currently accessing ProfessionalPensions via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0) 1858 438800

      Email: [email protected]

      • Sign in
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
    • YouTube
  • Register
  • Subscribe
  • Events
    • Upcoming events
      event logo
      Webinar: How have DC investment strategies weathered the pandemic?

      This webinar will look at DC investment strategy – how well it has delivered through the pandemic, how volatile it has been and whether there are areas that have been shown to be wanting.

      • Date: 14 Apr 2021
      • Webinar
      event logo
      Webinar: Fiduciary management and transaction costs

      In this webinar, we will explore the concept of transaction costs through a fiduciary lens – looking at why best execution is critical to managing transaction costs; asking if having the right infrastructure and governance structures are pre-requisites to successfully managing transaction costs; and assessing the link between transaction costs and returns.

      • Date: 15 Apr 2021
      • Webinar
      event logo
      Defined Contribution Conference

      Professional Pensions Defined Contribution virtual event, hopes to take stock of the last year, and ask the important questions; are members saving enough and have we improved the member journey at retirement? This two part digital event will provide you with the latest thinking and innovation in the DC market during our snappy 15 minute presentations, with plenty of time to ask questions during our live speaker Q&A.

      • Date: 20 Apr 2021
      • Digital Conference
      event logo
      Webinar: The challenges facing open DB schemes

      This webinar will help trustees and pension managers look at the challenges facing open DB schemes, specifically looking at the issues they could face as a result of The Pension Regulator’s new Funding Code of Practice and asking how this could affect the affordability of benefits, future service contributions, investment strategy and benefit design.

      • Date: 06 May 2021
      • Webinar
      View all events
      Follow our Professional Pension Events

      Sign up to receive email alerts about our events

      Sign up

  • Whitepapers
    • How DC schemes can gain exposure to different asset classes in a low-return environment

      So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap,' ‘pension freedoms' or consultations around ‘value for money', says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).

      Download
      Pension freedoms three years on

      In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.

      Download
      Find whitepapers
      Search by title or subject area
      View all whitepapers
  • Spotlights
  • Digital Edition
Professional Pensions
Professional Pensions
Sponsored by T. Rowe Price
  • Home
  • Admin/Tech
  • Benefits
  • Buzz
  • DB
  • DC
  • Diversity
  • Investment
  • Law & regulation
  • Risk reduction
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
  •  

    You are currently accessing ProfessionalPensions via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0) 1858 438800

    Email: [email protected]

    • Sign in
  • Defined Contribution

Cardano agrees acquisition of Now Pensions

Cardano agrees acquisition of Now Pensions
  • Kim Kaveh
  • Kim Kaveh
  • 13 February 2019
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
0 Comments

Cardano Group has agreed to acquire 100% of workplace pension provider Now Pensions with just over six weeks to go until the master trust authorisation deadline.

The acquisition is expected to complete later in 2019 following Now Pensions' authorisation by The Pensions Regulator (TPR) as part of the ongoing master trust authorisation process.

Now Pensions has said it anticipates transferring its investment management mandate from Now Pensions Investments in Denmark to Cardano's UK-based fund management team subject to completion of due diligence by the trustee.

Related articles

  • Ditch complex rise in normal minimum pension age, says Quilter
  • Clearer DB guidelines on advice versus guidance needed, industry says
  • BT, Ford and M&S schemes to proceed with judicial review over RPI reform
  • Five stories you may have missed this week

The acquisition brings together Cardano's investment skills and experience in the defined benefit and defined contribution (DC) markets with Now Pensions' auto-enrolment platform and administration capabilities.

The combined business will create a full-service platform for growth as the UK's workplace pensions market gathers momentum and DC solutions develop in multi-employer master trust environments.  

Following completion of the acquisition, Cardano will manage over £25bn of assets and employ 350 people across its core markets of the UK and the Netherlands.

The acquisition is Cardano's second in the UK following the acquisition of covenant advisory specialist Lincoln Pensions in October 2016.  

Now Pensions chair of the trustee Nigel Waterson said: "The trustee directors are delighted that Now Pensions has found a new home with Cardano. 

"This is an exciting time in the development of Now Pensions. As well as gaining access to their expert investment team, our members will benefit from Cardano's wealth of experience in technology and aligned commitment to good governance. We are working closely with ATP and Cardano to ensure a smooth and safe transition for our members. The future is bright for Now Pensions and our members."

Now Pensions chief executive Troy Clutterbuck added: "In Cardano we have found a like-minded organisation, with a long-term commitment to the UK pensions market that offers a great fit with our business. Workplace pensions in the UK are gathering greater momentum as the auto-enrolment regime matures. Being part of the Cardano Group will bring significant benefits for our clients and members, giving us a fantastic platform to reach our full potential."

Cardano co-chief executives Theo Kocken and Michaël De Lathauwer noted that bringing Now Pensions and Cardano together is "transformational" for this group.

"It is an investment in the future of UK pensions, enabling us to grow and diversify our client base. We believe our combination of pensions risk management and investment skills, together with Now Pensions' enormous potential creates a ‘new force' across the UK pensions landscape."

Just eight master trusts have so far applied to the regulator for authorisation, although the names of two master trusts that have sent off applications are not yet publically known.

Consolidation among master trusts continues to grow. So far, Smart Pension absorbed more than 6,500 members from the Corporate Pensions Trust last month.

Furthermore, Crystal Trust took on members from The Open Pension Trust in December last year, bringing Evolve Pension's total membership to 85,000. Salvus Master Trust consolidated the £7m Complete Master Trust, while The People's Pension took on members from Your Workplace Pension.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Defined Contribution
  • Cardano
  • Cardano Group
  • Nigel Waterson
  • Theo Kocken
  • Michaël De Lathauwer
  • Troy Clutterbuck
  • Bo Foged
  • Now Pensions

More on Defined Contribution

 Catherine Gill
Industry Voice: The master plan

In Newton’s latest DC column, Catherine Gill explores how master trusts can evolve their investment strategies against a changing backdrop

  • Defined Contribution
  • 07 April 2021
Consolidation in DC is continuing with the total number of non-micro and hybrid schemes falling by 10% in 2020
TPR data reveals further consolidation in occupational DC market

The occupational defined contribution (DC) market consolidated further in 2020 with the number of trust-based plans falling substantially during the year, latest data from The Pensions Regulator (TPR) reveals.

  • Defined Contribution
  • 31 March 2021
AE contributions must rise to 12% to put the UK on par with the rest of the OECD countries, TISA says.
UK mandatory pension provision half OECD average

Auto-enrolment (AE) contributions must rise to 12% to put the UK on par with the rest of the Organisation for Economic Co-operation and Development (OECD) countries, The Investing and Saving Alliance (TISA) says.

  • Defined Contribution
  • 25 March 2021
Savova: "For too many, pensions remain inaccessible"
PensionBee to float on the London Stock Exchange

PensionBee has announced its intention to float on the high growth segment of the main market of the London Stock Exchange (LSE).

  • Defined Contribution
  • 24 March 2021
Capital Cranfield Trustees' Andy Cheseldine has been named chair of the new group
Industry working group formed to tackle small pension pots problem

An industry co-ordination group has been established to take forward the recommendations of the Department for Work and Pensions’ (DWP’s) small pension pots working group.

  • Law and Regulation
  • 24 March 2021
blog comments powered by Disqus
Back to Top

Most read

BT, Ford and M&S schemes to proceed with judicial review over RPI reform
BT, Ford and M&S schemes to proceed with judicial review over RPI reform
Isio records £41.2m revenue in first seven months
Isio records £41.2m revenue in first seven months
Industry Voice: Are inflation jitters justified?
Industry Voice: Are inflation jitters justified?
Industry Voice: Impact investing -why it matters now more than ever
Industry Voice: Impact investing -why it matters now more than ever
Ditch complex rise in normal minimum pension age, says Quilter
Ditch complex rise in normal minimum pension age, says Quilter
Trustpilot

 

  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters
  • YouTube

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading