Now Pensions, one of the largest of the new pension funds set up in the UK over the past five years, has replaced its founding chief executive, following administration problems that led to it surrendering a key quality kitemark a month ago.

Morten Nilsson, who moved across from Now's parent — Danish national pension fund ATP — to found the organisation in London six years ago, is stepping down with immediate effect, the company said today. Chief financial officer Troy Clutterbuck will take over in the interim.