Now Pensions chief executive (CEO) Troy Clutterbuck has stepped down from the role with immediate effect.
Cardano group chief financial operator Patrick Luthi – who is also a non-executive director on Now Pensions’ commercial board – will replace Clutterbuck, who has held the role since August 2017.
In February, it was announced that Cardano would acquire Now Pensions from ATP, with the acquisition expected to complete later this year. The master trust is currently awaiting authorisation from The Pensions Regulator, having been granted a six-week extension for its application in March.
Prior to his work at Cardano, Luthi worked at Goldman Sachs for more than 18 years, where he held multiple roles including managing director and executive director.
Now Pensions non-executive chairman John Rowland commented: “Patrick’s appointment supports the integration of Now Pensions into the Cardano Group. His experience will be invaluable as Now Pensions enters the next stage of growth and development.”
He added: “I’d like to thank Troy for the huge contribution he’s made to Now Pensions… Thanks to his hard work and leadership, the business is on a firm footing and is extremely well placed for the future.”
‘Great strides’
Luthi said: “Having sat on the commercial board at Now Pensions for several months, I have seen first-hand the great strides that the business has made to consolidate its position as one of the leading master trust’s in the UK.
“I look forward to working with the team to build on this success and develop a best-in-class proposition for our clients and members.”
Now Pensions is the UK’s third largest auto enrolment provider, with 1.7 million members.