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Marking a milestone

NOW: Pensions reaches 1.5 million participants

Neil Robson, left, and Ricky Heffron celebrate Quale Homes joining NOW: Pensions.

U.K. workplace defined contribution plan provider NOW: Pensions enrolled its 1.5 millionth participant this month. The lucky employee works at a dry cleaning and laundry service, Sealclean, in Tonbridge, England.

"As an employer, it's a legal requirement to offer a workplace pension — but we see it as much more than that. We're happy that our staff are already benefiting from saving for their future retirement," said Peter Johnston, managing partner at Sealclean, in an email.

NOW: Pensions launched in 2011. It has added 30,000 employers, boosted in part by the introduction of auto enrollment in the U.K. in 2012. The 30,000th employer for the 560 million ($759 million) master trust was Quale Homes Ltd., a housing development company in Fife, Scotland.

"As a rapidly growing company in a constantly evolving market, we have had our challenges along the way. But, as auto enrollment matures, we remain committed to ensuring the policy is a success and that it delivers on its promise of providing thousands more people with a better retirement," said Troy Clutterbuck, interim CEO at NOW: Pensions, in a news release.

NOW: Pensions is owned by Danish pension fund ATP, Hilleroed, Denmark, which has 748.5 billion Danish kroner ($121 billion) in assets.