NOW: Pensions – Interview
over another. It should not matter when you contribute. If you are not contribut- ing consistently then you are not contrib- uting through different market condi- tions. Considering those risks and how they interact with each other is important.
Unlike some other master trusts, NOW: Pensions has a single default fund. Why do you only offer members access to one diversified growth fund and a retirement countdown fund?
Engagement with our members tends to be low. This is due to the fact that they
could be in and out of work. As a conse- quence, it is better for them to have a sin- gle investment choice. We also find there is less awareness of pensions, which is probably the case across the auto-enrolment industry. So, we want to make sure we are focused on working as hard as we can with that pot of money, whether it is one of many pots or a whole pot.
That is why we focus on delivering a bal- anced-risk approach. Ultimately, when it comes to our members saving for their retirement, simplicity can be helpful and we want to give them a robust approach.
What is your response to trade union ADCU raising a challenge on behalf of Uber driv- ers about the lack of a Shariah-compliant fund?
Speaking generally, we will always listen to our members and their employers. We regularly evaluate if our offering is right for them. We assessed the concept of hav- ing one strategy at our last investment strategy review and concluded that it is still the best option. However, Uber became a participating employer after the last review. Their driv- ers specifically requested a Shariah-com- pliant fund, so the trustees have
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