Last month it was revealed pensions risk and investment management firm Cardano Group had agreed to acquire 100% of the workplace pension provider from Danish pension fund Arbejdsmarkedets Tillaegspension.
Joanne Segars OBE, appointed to the Now Pensions trustee board in 2017, will lead the board on an interim basis while it reevaluates its composition.
As a result of the Cardano Group acquisition and while the board reviews its composition the Pensions Regulator has granted the firm an extension to its application period for master trust authorisation of six weeks.
John Rowland, non-executive chairman, said: “Nigel has been with Now Pensions from the outset and has made a huge contribution, helping to ensure that we keep members at the heart of everything we do.
“We will miss his wisdom, wit and insight and wish him the very best for the future.”
Mr Waterson said: “I am proud of what we have achieved at Now Pensions.
“When I joined, we had no members and no funds.
Today, we are the third largest master trust and a major player in the wider pensions sector.
With the historic administrative issues largely resolved, we are well placed for authorisation, and for the Cardano Group to acquire the business following authorisation.
This feels like a natural point to step down.
“I know that our 1.7 million members will continue to be very well served and I wish NOW: Pensions the very best for the future.”
Joanne Segars OBE said: “We are grateful to The Pensions Regulator for the extension to our application deadline while we make the necessary amendments in light of the Cardano acquisition and Nigel’s decision to step down from the trustee board and we look forward to submitting our application shortly.”
The Now Pensions trustee board currently comprises:
• Jocelyn Blackwell, founding partner Dunnett Shaw
• Adrian Kennett on behalf of Dalriada Trustees
• Christopher Daykin, former government actuary
• Joanne Segars, former chief executive, Pensions and Lifetime Savings Association
• Matthew Simms, independent trustee director for the Hermes Group Pension Scheme and the National Physical Laboratories Pension Scheme