Where this fits
Where the money goes when it leaves is the decision that matters here.
Sunny Bharj
Independent Financial Adviser
Tony Springer
Independent Financial Adviser
NOW: Pensions is a workplace master trust owned by Mercer. It charges £2 a month plus 0.3% a year. From 55 you can take cash, all at once or in chunks, but for drawdown or an annuity you have to transfer the money out.
The NOW: Pensions Trust is an authorised master trust. NOW: Pensions Ltd runs it day to day and is owned by Mercer Limited, part of the Marsh group. The trustee is NOW: Pension Trustee Limited.
An administration charge of £2 a month, which rose from £1.75 on 1 September 2025 and is not taken if it would leave the pot at £100 or less, plus 0.3% a year on the investment plans, including the default.
Self-select funds charge between 0.25% and 0.55% a year. There is no charge to transfer in or out.
NOW: Pensions makes no charge to transfer out, and its own site recommends taking financial advice before you do.
Checked on 2 October 2026 against nowpensions.com and The Pensions Regulator's list of master trusts. Phone numbers, charges and options change, so check the provider's own site before you act.
To draw an income from this pot, you first have to move it out of the scheme.
Not from the scheme itself. You can take cash in chunks, at most monthly, or transfer to a provider that offers drawdown or an annuity.
Mercer Limited, part of the Marsh group.
£24 a year, on top of the 0.3% investment charge.
Where the money goes when it leaves is the decision that matters here.
Independent Financial Adviser
Independent Financial Adviser
A first conversation of about twenty minutes, at no cost to you. Tell us what is on your mind: a pension you have lost track of, a fixed rate ending, a will you keep meaning to write.