The Pensions Regulator asks ‘NOW:Pensions’ to take on independent trustees

NOW:Pensions has been asked to take on independent trustees by The Pensions Regulator because of the failings of its own governance processes.

The appointment follows the voluntary removal of NOW:Pensions from The Pensions Regulator’s Master Trust Assurance Framework approved provider list.  This is following problems with delays processing pension contributions and concerns by the Regulator about the governance and administration of the scheme.

NOW:Pensions has said, “We will apply to re-join the Master Trust Assurance Framework when the time is right but that will not be until we have got everything right. That will be a little way down the track.”

There was no suggestion that the members’ assets were at risk or that employers, whose workplace pensions were with NOW:Pensions, were not complying with their duties.

It does, however, highlight that employers need to regularly review the governance of their scheme including the suitability of the default fund and their own internal employer automatic enrolment processes.  The reviews should be documented to demonstrate to their employees and, if the need arise, the Regulator that they are carrying out their duties and due diligence.

Griffins Financial Solutions hold annual governance reviews for its clients.

To download our Employers Guide to Auto-enrolment, click here. You can download our Auto-enrolment Statutory Contributions Guide here.

 

 

 

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