NOW: Pensions is a prominent UK-based workplace pension provider, offering comprehensive and accessible pension solutions tailored to meet the needs of both employees and employers. As an authorised Master Trust regulated by The Pensions Regulator, NOW: Pensions is committed to delivering high-quality pension services that promote financial well-being and retirement readiness.

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A Brief Overview of NOW: Pensions' Offerings

NOW: Pensions provides a defined contribution pension scheme designed to facilitate retirement savings through collaborative contributions from both employees and employers. Key features of their offerings include:

• Auto-Enrolment Compliance: Assisting employers in meeting legal obligations by automatically enrolling eligible employees into the pension scheme, ensuring adherence to auto-enrolment legislation.
• Member Contributions: Employees contribute a portion of their earnings, which is often complemented by employer contributions, fostering a collaborative approach to retirement savings.
• Investment Management: Contributions are invested across a diversified portfolio managed by experienced professionals, aiming to achieve sustainable growth over time.
• Online Account Access: Members have 24/7 access to their pension accounts via a secure online portal, enabling them to monitor contributions, track investment performance, and manage personal information.

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The Main Benefits for Employees

1. Financial Security in Retirement: Regular contributions from both employees and employers accumulate over time, building a substantial retirement fund that provides financial stability in later years.
2. Tax Efficiency: Contributions are collected before income tax is applied, offering immediate tax relief and enhancing the growth potential of the pension pot.
3. Employer Contributions: Many employers match employee contributions, effectively increasing the total amount saved without additional cost to the employee.
4. Investment Growth: Professional management of contributions aims to achieve long-term growth, increasing the value of members' pension savings.
5. Online Account Management: The secure online portal provides transparency and control, allowing members to monitor their pension pot, view statements, and make informed decisions about their retirement savings.

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The Main Benefits for Employers

1. Compliance with Auto-Enrolment Legislation: NOW: Pensions assists employers in fulfilling their legal duties under the Pensions Act 2008, ensuring eligible employees are enrolled in a qualifying workplace pension scheme.
2. Cost-Effective Solution: The scheme is designed to be affordable for employers of all sizes, providing a valuable employee benefit without imposing significant financial burdens.
3. Simplified Administration: An intuitive online portal streamlines the process of enrolling employees, managing contributions, and maintaining compliance, reducing administrative workload.
4. Attracting and Retaining Talent: Offering a robust pension scheme enhances an employer's benefits package, making the organisation more attractive to current and prospective employees.
5. Dedicated Support: NOW: Pensions provides comprehensive support to employers, including guidance on setting up and managing the pension scheme, ensuring a smooth implementation and ongoing operation.

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Special Features to Highlight

• Master Trust Structure: As an authorised Master Trust, NOW: Pensions operates under stringent regulatory oversight, ensuring high standards of governance and member protection.
• Net Pay Arrangement: Contributions are deducted from gross pay before income tax is applied, providing immediate tax relief and simplifying the contribution process for members.
• Flexible Contribution Options: Employers have the flexibility to set contribution rates that align with their business needs while complying with minimum legal requirements, allowing for a tailored approach to pension contributions.
• Member Engagement Initiatives: NOW: Pensions employs targeted communication strategies to engage members, providing education and resources to help them make informed decisions about their retirement savings.
• Campaigning for Pension Equality: NOW: Pensions actively campaigns for pension equality, striving to ensure fair pension outcomes for all members.

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In summary, NOW: Pensions offers a comprehensive and accessible pension solution that benefits both employees and employers. Its commitment to regulatory compliance, member engagement, and flexible contribution options makes it a valuable component of employee benefit programs, promoting financial well-being and security in retirement.