TPR confirms end to 'serious' admin issues at Now Pensions

Around £18m not collected

James Phillips
clock • 2 min read

Now Pensions has overhauled its administration system after historic issues caused a failure in collecting and investing around 265,000 members' contributions.

The Pensions Regulator (TPR) has confirmed "serious and persistent administrative failings" had been addressed for the majority of affected members, which had led to around £18m of contributions not being collected. The issues had occurred between 6 April 2015 and 8 August 2017, leading TPR to fine the master trust's trustees £50,000 and issue a further £20,000 penalty for failing to keep members properly informed. All members have now been moved to a purpose-built platform, named ‘Gateway', while member data has been improved and data has been rebuilt for more than 350,000 members; a...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

More on Regulation

FCA to extend bullying and harassment rules to non-banks

FCA to extend bullying and harassment rules to non-banks

Extension will apply to 37,000 firms

Cristian Angeloni
clock 02 July 2025 • 2 min read
Regulatory necessity: Why data is no longer a 'nice to have'

Regulatory necessity: Why data is no longer a 'nice to have'

Client-led, data-driven

Paul Bruns
clock 01 July 2025 • 5 min read
Targeted Support: One-off firm costs could approach £69m

Targeted Support: One-off firm costs could approach £69m

One firm estimated IT costs of £1m a year alone

Jen Frost
clock 01 July 2025 • 3 min read