NOW: Pensions is the UK’s third largest auto-enrolment provider, serving over 30,000 businesses and 1.7 million pension savers. The completion of the deal follows the original announcement of the acquisition made on 13 February and, more recently, Master Trust Authorisation of NOW: Pensions’ by The Pensions Regulator announced on 24 September.
The acquisition brings together Cardano’s investment skills and experience in the defined benefit and defined contribution markets with NOW: Pensions’ auto-enrolment platform and administration capabilities. The combined business creates a full-service platform for growth as the UK’s workplace pensions market gathers momentum and DC solutions develop in multi-employer master trust environments.
Following completion, Cardano now manages over £25 billion of assets and employs 350 people across its core markets of the UK and the Netherlands.
Michaël De Lathauwer, CEO of Cardano, commented: “Completing the acquisition of NOW: Pensions is a key milestone for our Group. With master trust authorisation now secured, our combined business offers new and existing clients a unique offering of pensions risk management, investment skills, and a bespoke DC platform, which in combination, creates a new force across the UK pensions landscape.”
Patrick Luthi, CEO of NOW: Pensions, commented: “This is an exciting time for the new generation of authorised master trusts. As a fully-fledged part of the Cardano Group we are now able to take our business forward and focus on delivering significant benefits for our clients and members.”
Joanne Segars, Chair of the Trustee, NOW: Pension Trust (NPTL) commented: “With the transaction now complete, the Trustee Directors are delighted to be able to leverage Cardano’s wealth of expertise on technology and their aligned commitment to good governance to the benefit of members. We look forward to working closely with the Cardano team to deliver the best possible outcomes for our members.”
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