Workplace pensions provider NOW: Pensions has left a voluntary ‘assurance’ scheme operated by industry watchdogs after they raised concerns about the firm’s administration and governance.
But The Pensions Regulator stressed there was no suggestion savers’ money was at risk, or that employers using NOW’s services were not complying with duties to workers auto-enrolled into pension schemes.

NOW admitted it was trying to sort out delays processing contributions from savers – an issue recently highlighted by This is Money after a reader’s £4,000 retirement pot vanished for eight months, but was tracked down after our intervention.

At the time, The Pensions Advisory Service, which gives free help to the public, told us it had received reports of problems at NOW: Pensions since the firm changed its outsourced administrator, but did not reveal how many were involved.

NOW requested its own removal from The Pensions Regulator’s master trust assurance list because a change of third party administrator had led to problems for ‘a small percentage of clients’.
The regulator responded to say it ‘welcomes and supports’ NOW’s move to leave the list, which still includes some 22 pension providers.
The list was created to help employers setting up auto enrolment schemes to find pension firms that have received an independent audit of their governance standards and controls.

Read full news here: This Is Money