<!-- Swiftype Variables -->

Defined Contribution

NOW: Pensions appoints interim CEO

Troy Clutterbuck was named interim CEO at NOW: Pensions, London, effective immediately, said a spokeswoman.

Mr. Clutterbuck will replace Morten Nilsson, who founded the 493 million ($634 million) multiemployer defined contribution plan in the U.K. in 2011. The spokeswoman said she was unable to comment on Mr. Nilsson's plans.

A news release from NOW: Pensions said as the first phase of automatic enrollment in the U.K. approaches an end, the plan board "has decided that now is the right time to make this change in executive management. In doing so, the board will help ensure that NOW: Pensions is well positioned to capitalize on its achievements to date and cement its position as a leading workplace pensions provider."

Mr. Clutterbuck joined NOW: Pensions in August 2016 as chief financial officer. An interim CFO will be appointed shortly, said the spokeswoman. "We have some immediate short-term priorities (Mr. Clutterbuck) will be focusing on between now and the end of the year," she said in an email. It is hoped a permanent appointment will be made in the next year, with both internal and external candidates considered.

Mr. Nilsson "has made a huge contribution not only to the success of NOW: Pensions, but to the whole automatic-enrollment project in the U.K.," added Nigel Waterson, chairman of the board of trustees, in the release. "He leaves an indelible legacy in the U.K. pensions sector."