Automatic enrolment provider Now: Pensions has reformed its governance structure in a move which will see Carsten Stendevad, the chief executive of Danish parent company ATP, step down from its trustee board.
The pension scheme has decided to split its board in two, creating a commercial board to sit alongside the trustee board.
The commercial board is in charge of the day to day running of the scheme, while the trustee board is responsible for ensuring the scheme is run in the best interests of members.
As a result, Stendevad has stepped down from the trustee board and becomes non-executive chairman of the commercial board.
Now: Pensions chief executive Morten Nilsson and chief financial officer Tim Walkley also sit on the commercial board, with further non-executive appointments to be announced “in due course”.
Now: Pensions trustee board chairman Nigel Waterson says: “Now: Pensions has always prided itself on its best of breed governance structure and we are constantly challenging ourselves to ensure that we are living up to our own high standards.
“The board of trustees has played a key role in the development and success of Now: Pensions, ensuring not only that the scheme is robust, but that its being run in the best interests of members.”
The Pensions Regulator has previously raised concerns about potential conflicts of interest in master-trust arrangements.
A Now: Pensions spokeswoman insists the regulator’s stance did not influence the decision to reform the scheme’s governance structure.
Now: Pensions has also revealed its membership figures as at 30 September 2013. The scheme has signed up 346 employers representing around 125,000 scheme members so far.
In addition, Now: Pensions says ATP has “underlined its commitment” to the UK firm by converting a development loan into equity.
“This ensures that Now: Pensions is extremely well capitalised with £50m of share capital allowing it to maximise the opportunity that exists in the UK market and compete on at least equal terms with other industry players,” the firm says.