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NOW: Pensions is a UK-based pensions scheme. [1] [2]
| Company type | Privately held company |
|---|---|
| Industry | Financial Services |
| Founded | 2011 |
| Services | Defined contribution (DC) pension plans |
| Website | www.nowpensions.com |
The Pensions Act 2008 established new duties which require employers to automatically enrol eligible workers into a workplace pension plan that meets certain minimum standards. NOW: Pensions was set up by ATP of Denmark for employers requiring a scheme to fulfil their duties under the Act. ATP launched Now:Pensions in early 2012, Morten Nilsson was headed the group as CEO. [2]
During the three years leading up to June 30, 2017 Now:Pensions achieved a 2.8 percent annualized return, which was significantly less than the returns achieved by almost all of its competitors during the same time. [2] [1]
In November 2017 the Pensions Regulator fined the trustees of Now:Pensions £50,000 for administration problems. Followed by a fine for £20,000 in February 2018. [2] [3]
In February 2019 The Cardano Group acquired Now:Pensions from ATP [4] after Now:Pensions ran into multiple administration problems and years of poor performance. [2]
In the United States, a 401(k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401(k) of the U.S. Internal Revenue Code. Periodic employee contributions come directly out of their paychecks, and may be matched by the employer. This pre-tax option is what makes 401(k) plans attractive to employees, and many employers offer this option to their (full-time) workers. 401(k) payable is a general ledger account that contains the amount of 401(k) plan pension payments that an employer has an obligation to remit to a pension plan administrator. This account is classified as a payroll liability, since the amount owed should be paid within one year.
A pension is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be:
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The Pensions Act 1995 is a piece of United Kingdom legislation to improve the running of pension schemes.
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The Pensions Regulator (TPR) is a non-departmental public body which regulates work-based pension schemes in the United Kingdom. Created under the Pensions Act 2004, the regulator replaced the Occupational Pensions Regulatory Authority (OPRA) from 6 April 2005 and has wider powers and a new proactive and risk-based approach to regulation.
A private pension is a plan into which individuals privately contribute from their earnings, which then will pay them a pension after retirement. It is an alternative to the state pension. Usually, individuals invest funds into saving schemes or mutual funds, run by insurance companies. Often private pensions are also run by the employer and are called occupational pensions. The contributions into private pension schemes are usually tax-deductible.
The Pensions Act 2004 is an Act of the Parliament of the United Kingdom to improve the running of pension schemes.
The Pension Protection Act of 2006, 120 Stat. 780, was signed into law by U.S. President George W. Bush on August 17, 2006.
The National Employment Savings Trust (NEST) is a defined contribution workplace pension scheme in the United Kingdom. It was set up to facilitate automatic enrolment as part of the government's workplace pension reforms under the Pensions Act 2008. Due to its public service obligation, any UK employer can use Nest to meet its new workplace duties as set out in the Pensions Act 2008.
Small Self Administered Scheme (SSAS) is a type of UK Occupational Pension Scheme.
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Imperial Group Pension Trust Ltd v Imperial Tobacco Ltd [1991] 1 WLR 589 is an English trust law case, especially relevant for UK labour law and UK company law, concerning pension funds and the implementation of a poison pill.
Pension Law Reform (1993) Cm 2342, also known as the Goode Report after its leading author, Roy Goode, was a UK government commissioned inquiry into the state of pensions in the United Kingdom, which ultimately led to a set of statutory reforms in the Pensions Act 1995.
The People's Pension is a British trust-based defined contribution workplace pension scheme for non-associated employers, commonly referred to as a master trust. After the UK's Pensions Act 2008 established new duties requiring employers to automatically enrol eligible workers into a workplace pension plan that meets certain minimum standards, the People's Pension was set up in 2011 by B&CE for employers requiring a scheme to fulfil their duties under the Act from October 2012. The People's Pension announced that its number of members had surpassed 1 million in September 2014.
A master trust in the UK is a multi-employer occupational pension scheme.
Smart Pension is a pensions and retirement technology business, delivering pensions technology platforms in partnership with other financial institutions, and running a defined contribution master trust pension scheme setup for employers to enrol employees in a workplace pension scheme.
