Written by Kellie Steed Reviewed by Tom Johnson
Sources
25 September 2026
Review and content update, with expert comment added and new FAQs
14 January 2026
First Published
14 January 2026
Updated to include information about the type of product offered by this pension provider
NOW: Pensions is one of the UK’s largest workplace pension master trusts, managing retirement savings for millions of employees across tens of thousands of businesses. Owned by the Dutch investment management firm Cardano Group, NOW: Pensions focuses heavily on simple auto-enrolment compliance for employers and sustainable, ESG-integrated investment strategies for members.
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.
Review your pension options today
Our independent financial advisers have deep working relationships will all of the UK's top pension providers including Now: Pensions.
Whether you have an existing pension with Now: Pensions and want to explore your options or are considering transfering your pot to them, they can provide the expert guidance you need.
Book a free pension review below and find out whether Now: Pensions is your ideal provider.
NOW: Pensions At a Glance
| Feature | Details |
| Scheme Type | Authorised Workplace Pension Master Trust (Defined Contribution) |
| Annual Management Charge (AMC) | 0.30% per annum (Default Investment Plan) |
| Administration Fee | £2.00 per month (£24 per year) (Waived for pots ≤ £100) |
| Employer Setup/Admin Fee | ~£36 + VAT per month (Direct employer rate) |
| Tax Relief Method | Net Pay arrangement (Deducted before tax) |
| Investment Engine | Cardano Group (Diversified Growth Fund / ESG integrated) |
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
Fee Structure Breakdown
NOW: Pensions uses a hybrid pricing model combining a fixed administrative fee with a percentage-based fund management charge.
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Monthly Administration Charge: £2.00 per month (£24 annually). This covers account maintenance, member services, and portal upkeep. It is waived if your pot is valued at £100 or below.
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Investment Management Charge: 0.30% per year on the default plan (ranging between 0.25% and 0.55% if choosing self-select DIY funds).
How Fees Impact Pot Values
| Pension Balance | Fixed Admin Fee | 0.30% Fund Fee | Total Annual Cost | Effective Fee % |
| £500 | £24.00 | £1.50 | £25.50 | 5.10% |
| £2,500 | £24.00 | £7.50 | £31.50 | 1.26% |
| £10,000 | £24.00 | £30.00 | £54.00 | 0.54% |
| £50,000 | £24.00 | £150.00 | £174.00 | 0.35% |
Customer Reviews
Customer feedback for NOW: Pensions across four major UK financial review and ratings aggregators reflects a clear split between basic account management and historical administrative bottlenecks:
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Trustpilot: The majority of recent reviews praise the simplified online portal (NOW Gateway) and straightforward digital claim procedures when taking retirement lump sums or requesting transfers out. Negative feedback focuses on slower response times during peak query periods and verification friction.
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Smart Money People: Reviewers highlight smooth automatic enrolment and clear annual statements, though former members cite delays when attempting to trace old policy numbers or process manual pension transfers out.
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Defaqto: Defaqto awards NOW: Pensions 2 stars based on product feature comparison rather than service quality. The lower rating reflects the intentional simplicity of the scheme—lacking complex drawdown options, phased retirement features, or broad investment choices.
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Google & Independent Forums: User discussions frequently warn about the impact of the fixed £2.00 monthly fee on small, forgotten deferred accounts from previous short-term employment.
Expert Opinion
Financial Planner
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
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.
If you have been auto-enrolled, you have a one-month ‘opt-out’ window to receive a refund of your contributions. After that, you can stop contributing at any time, but the money will remain in the pension until you reach retirement age or transfer it elsewhere.
You can log in to the Gateway portal on the NOW: Pensions website. You will need your member ID, which is usually found on your annual statement or your initial welcome pack.
Yes. NOW: Pensions is a Master Trust authorized and regulated by The Pensions Regulator. They are also covered by the Financial Services Compensation Scheme (FSCS).
Generally, you can only transfer out ‘frozen’ pots from previous employers. If you are still active in the scheme, transferring out while remaining employed is more complex and may result in losing your employer's monthly contributions. Always seek professional advice before attempting an in-service transfer.
Yes. You can transfer your pension savings out of NOW: Pensions to another registered UK pension scheme or personal SIPP at any time, free of charge from NOW: Pensions. Transfer requests can be initiated via your online NOW Gateway account or directly through your new provider.
Under NOW: Pensions' Net Pay arrangement, your pension contributions are taken from your gross pay before income tax is calculated. If you pay tax, you receive full tax relief automatically at your highest marginal rate without having to claim it back from HMRC. However, if your total earnings are below the Personal Allowance, you do not automatically receive tax relief under Net Pay schemes.