Pensions risk and investment management business The Cardano Group has completed the acquisition of pension provider Now: Pensions from Danish pension fund Arbejdsmarkedets Tillaegspension (ATP).
Now: Pensions, which received its master trust authorisation from The Pensions Regulator (TPR) on 24 September 2019, is the UK’s third largest auto-enrolment provider. The organisation serves more than 30,000 businesses and 1.7 million pension savers.
The acquisition aims to combine Cardano Group’s experience in the defined benefit (DB) and defined contribution (DC) pension markets with Now: Pensions’ auto-enrolment platform and administration capabilities. This will accommodate a developing DC marketplace featuring multi-employer master trusts.
The acquisition was initially announced on 13 February 2019. On completion, the Cardano Group manages more than £25 billion of assets and employs 350 staff across the UK and Netherlands.
Michaël De Lathauwer, chief executive officer at the Cardano Group, said: “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, chief executive officer at Now: Pensions, added: “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.”