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Regulator asks Now: Pensions to take on independent trustees

Now: Pensions was encouraged to take on independent trustees Dalraida Trustees by The Pensions Regulator because of the failings of its own governance processes, it has emerged.

TPR took the unusual step of issuing a statement about the appointment of Dalraida Trustees, which was confirmed today.

The appointment follows the removal of Now: Pensions from TPR’s Master Trust Assurance approved provider list following problems with delays processing pension contributions.

Today’s TPR statement said: “The appointment of Dalriada Trustees is part of our ongoing engagement with Now: Pensions and the scheme trustees. It is a positive step that demonstrates a firm commitment to addressing our ongoing concerns.

“We will continue to work with Now: Pensions and the trustees to ensure that the benefits of current and prospective members are protected, both now and in the future.”

A spokesperson for Now: Pensions says: “We appointed Dalraida Trustees voluntarily but it was done in discussion and collaboratioin with the regulator.

“We will apply to rejoin the Master Trust Assurance Framework  when the time is right but that won’t be until we have got everything right. That will be a little way down the track.”

The provider also announced today that Joanne Segars OBE, former chief executive of the Pensions and Lifetime Savings Association, will join its trustee board later in the year, replacing Lord John Monks who is retiring.

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