Now Pensions has revealed it has submitted an application for master trust authorisation to The Pensions Regulator (TPR).

TPR granted an extension to the master trust authorisation application period for Now Pensions as a result of the announcement in February that the Cardano Group has agreed to acquire the firm and changes to the composition of its trustee board following the decision by Nigel Waterson, chair of the trustee, to stand down in March. 

Now Pensions entered the UK market in 2011 with a workplace pension designed specifically with the auto enrolment market in mind.

It is now one of the UK’s largest workplace pension providers with nearly two million members and more than 30,000 employer.

Joanne Segars OBE, interim chair of the trustee at Now Pensions, said: “With over 10 million people now having been automatically enrolled into workplace pensions and the majority of those in master trusts, it’s absolutely right that we have the higher standards of protection for savers that Master Trust Authorisation will being.

“The new regime is something we have consistently campaigned for and whole-heartedly welcome.”