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Admin switch leaves Now: Pensions members uninvested

Now: Pensions failed to invest some members’ contributions for at least six weeks, Money Marketing can reveal.

Between 11 December 2014 and 31 January 2015, the firm switched to using JLT Employee Benefits as its administrator instead of Equiniti Paymaster.

Around 400 employers, representing 200,000 savers, were locked out of the scheme’s systems during a “blackout” while the migration was carried out.

As a result of the transition, some members’ contributions were not invested.

Now: Pensions says it carried out analysis which found anomalies in a “small number” of clients’ data. This meant in some cases where employers did not submit contributions in the correct format, money had to be returned until the issue was corrected.

The provider would not say how many members were affected.

Rowley Turton director Scott Gallacher says: “If it’s corrected and backdated it’s unfortunate but no harm no foul, but if people have lost out that’s less than ideal.

“Individually it’s not going to be large amount but it undermines confidence in the pensions industry. We are still getting teething problems and the mass of small and medium employers have not yet been enrolled, so the problems could get worse.”

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