Now Pensions has revealed it has submitted an application for master trust authorisation to The Pensions Regulator (TPR).
Pension savers will now be putting away more in their pots as part of an increase in auto-enrolment minimum contributions from 5% of qualifying earnings to 8%.
Savers could be short-changed by as much as £40,000 unless changes are made to the way auto-enrolment minimum contributions are calculated.
Nigel Waterson, chair of the trustees at Now Pensions, has today announced that he is standing down after more than seven years in the role.
Pensions risk and investment management firm Cardano Group has agreed to acquire 100% of workplace pension provider Now Pensions from Danish pension fund Arbejdsmarkedets Tillaegspension.
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