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In November 2017 the Pensions Regulator fined the trustees of Now:Pensions £50,000 for administration problems. Followed by a fine for £20,000 in February 2018. [2] [3] In February 2019 The Cardano Group acquired Now:Pensions from ATP [4] after Now:Pensions ran into multiple administration problems and years of poor performance. [2]
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By pooling the scale of several employers, master trusts should be able to provide access to these savings. However, following the introduction of The Pensions Act 2008, and concerns that members might be overcharged the UK Government announced [3] a cap on the fees that could be levied on automatically enrolled members of pensions schemes.
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