NOW: Pensions is one of the UK’s largest workplace pension providers, serving tens of thousands of employers and millions of members. As a ‘master trust’ specifically designed for auto-enrolment, it is the provider many people find themselves with through their job.
However, because NOW: Pensions uses a unique fee structure and a specific investment approach, it is vital to review your account regularly to ensure it aligns with your long-term retirement goals.
In this guide, we look at how NOW: Pensions works, how to review an existing pot, and the process of transferring funds in or out of the scheme.
Get 100% independent pensions advice today
Our independent financial advisers have a deep working relationship with pension providers across the UK, including Now: Pensions.
Whether you want to transfer your pension to Now: Pensions or have an existing pension with then that you want to get the most out of, we can help.
The IFA's we work with can provide independent advice about pension transfers, reviews, drawdown, annuities and much more. Book your free initial consultation with them below:
Who is NOW: Pensions?
Launched in 2011, NOW: Pensions was established to meet the demand created by the UK government’s auto-enrolment legislation. Unlike providers like AJ Bell or Aviva, which cater heavily to individual investors (SIPPs), NOW: Pensions focuses almost exclusively on workplace schemes.
They are known for their diversified growth investment strategy, which aims to provide steady returns by investing in a wide range of assets, and a fee structure that includes both a percentage-based charge and a monthly administrative fee.
Why You Should Get a NOW: Pensions Review
If you have a pension with NOW: Pensions, either from your current job or a previous employer, a professional review is highly recommended. Here’s why:
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The "Small Pot" Fee Impact: NOW: Pensions charges a flat monthly admin fee (usually around £1.50–£2.00) in addition to an investment fee. For those with smaller pots (e.g., under £2,000 from an old job), this flat fee can represent a large percentage of your savings, potentially eating into your capital
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Investment Performance: Their flagship fund is designed for moderate risk. A review can determine if the growth matches your retirement timeline
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Consolidation Strategy: If you have multiple old pensions, a review will determine if it is more cost-effective to move them into NOW: Pensions or move your NOW: Pensions funds into a more flexible personal plan
Transferring Your Pension
If you are currently contributing to a NOW: Pensions scheme through your employer, you may want to transfer your older pension pots into it.
Transferring INTO NOW: Pensions
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The Benefit: Having everything in one place makes tracking your retirement easier
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The Risk: You might lose valuable guaranteed benefits from older defined benefit schemes. It is essential to consult an IFA before moving funds
Transferring OUT of NOW: Pensions
Many savers choose to transfer their funds out of NOW: Pensions when they change jobs due to:
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Greater Choice: Transferring to a SIPP (Self-Invested Personal Pension) typically offers thousands of investment options, compared to the limited range at NOW: Pensions
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Cost Efficiency: If you are no longer contributing to your NOW: Pensions account, the monthly admin fee will continue to be deducted. Moving the balance to a provider with a single percentage-based fee may be more economical for certain pot sizes
How Our IFA Service Can Help
Navigating the rules of master trusts and pension transfers can be daunting. At Money Help Desk, we provide access to Independent Financial Advisers (IFAs) who specialise in pension reviews.
Our service includes:
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Comprehensive Analysis: We look at your NOW: Pensions statement to calculate exactly how much you are paying in fees and how your funds are performing
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Whole-of-Market Comparison: We compare your current scheme against the entire UK market to see if there is a provider better suited to your needs
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Transfer Management: If a move is in your best interest, our IFAs handle the paperwork and the communication between providers, ensuring a seamless transition
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Safeguarding Benefits: We ensure you don't accidentally give up valuable protected rights or tax-free cash entitlements when transferring
Get started here to arrange a consultation with a qualified IFA to review your NOW: Pensions account and answer any other pension related questions you may have.