Joanne Segars: Putting members’ outcomes at the heart of every decision
Now Pensions has announced a series of upgrades to its offering and has appointed Tata Consultancy Services (TCS) as its administrative and technical partner.
The master trust - which currently has around £4bn of assets under management (AUM) - said it would roll out a series of developments to its proposition to its members and employers in early summer 2024.
It said the upgrades will include the launch of a new mobile app, which will have functions including payments and transfer support as well provide access to a free pension consolidation service for members.
The product changes will also introduce new investment choice to complement the scheme's default option and an enhanced online portal for employers and payroll bureaus, allowing greater integration with their existing payroll set-ups and greater functionality for member verification, matching and adjusting contributions.
Now Pensions said these developments were supported by its investment in new technology and through the appointment of TCS as its new administrative and technical partner from 2024 following a strategic review of the market.
The scheme's appointment of an administrator comes after rival master trust Nest signed a ten-year deal with TCS in June.
Commenting on the announcement, Now Pensions chief executive Patrick Luthi explained that UK pension provision needed to evolve in order to prioritise members' needs for accessible solutions which are easy to understand and use.
He said: "We've invested a huge amount of time and effort to ensure our platform is fit for the future and can serve a growing membership who choose Now Pensions, including thousands of employers and millions of savers, while also supporting wider consolidation in the defined contribution market.
"The result is a high-performance proposition which puts pensions in the palm of people's hands through a modern, secure and flexible experience."
Luthi added: "These upgrades combine simplicity for clients who are new to pensions with sophistication for larger employers who want flexibilities that go beyond their current provider."
Now Pensions board of trustees chair Joanne Segars said the proposition developments put Now Pensions on track to be a "driving force in the future of workplace pensions" by meeting the needs of the modern workforce and employers.
She said: "The plans show Now Pensions is putting members' outcomes at the heart of every decision, investing in technology and innovation to give people more control over their pensions.
"Retirement for many people may be a long way off, but a fair pension should never feel out of reach. Now Pensions is a positive force within the industry which has already helped two million savers on their savings journey and campaigned for change to support millions more."
Cardano group chief executive Michael de Lathauwer said: "Since Now Pensions became part of Cardano Group in 2019, I've seen the business remain steadfast to its commitment for fair pensions for all. This is an important moment of growth for the business, demonstrated by it recently reaching more than £4bn AUM.
"Now Pensions is a key component of our group vision to deliver better and more secure financial outcomes. We fully support its plans to harness technology to offer straightforward solutions for employers and members, including those who would otherwise be underserved by the market and underprepared for retirement."
