The auto-enrolment solution for Northern Ireland

Important Changes From 30th July 2018

Transfer from Enhance – Construction Pension Scheme Northern Ireland (“Enhance”) to Workers Pension Trust

All members received a letter at the end of June 2018 with important information regarding their pension with Enhance.

Background

Enhance is a multi-employer scheme for the NI construction industry. Workers Pension Trust is a multi-employer, auto-enrolment pension scheme for Northern Ireland. Both Enhance and Workers Pension Trust are under common administration and governance, with related Trustee Boards and with links to the Joint Council for the Building and Civil Engineering Industry (Northern Ireland).

In light of legislative changes applicable to Master Trusts, the Trustees have taken legal advice and it has been decided to restructure and refine the number of pension arrangements on offer. Based on this advice, a decision has been taken to transfer members of Enhance to Workers Pension Trust on the same terms and conditions.

With effect from 30 July 2018 you became a member of Workers Pension Trust and all future contributions will be made to Workers Pension Trust. You ceased to be a member of Enhance.

There will be no change to the levels of contributions or death in service benefits. Your arrangement with your employer will continue as before. We have consulted with and have the support of the Joint Council for the Building and Civil Engineering Industry (Northern Ireland).

What will happen to contributions already paid into Enhance to date?

Enhance has carried out a valuation of your member’s benefits and this sum will be transferred to Workers Pension Trust in September 2018 and in any event no earlier than one month from the date of this letter (the “Transfer Date”), together with any further contributions made to Enhance prior to the Transfer Date. Before proceeding with the transfer, the Trustee of Enhance is required to receive and consider further advice from an independent adviser with regard to implementing the transfer.

Your pension benefits, with effect on and from the Transfer Date, will be held under a new Enhance section of Workers Pension Trust, subject to the Trust Deed and Rules of Workers Pension Trust and from then you will have no benefits in, or entitlements under, Enhance.

Benefits of moving to Workers Pension Trust

Workers Pension Trust currently has over 60,000 members and funds under management of over £40 million. Thousands of businesses have chosen it to automatically enrol their employees in line with the automatic enrolment requirements that took effect from 2012.

Workers Pension Trust is one of the first Master Trusts in the UK to attain Master Trust Assurance accreditation. This is a standard for operation of Master Trusts, a hallmark of quality set by The Pensions Regulator (TPR) and the Institute of Chartered Accountants in England & Wales (ICAEW).

Workers Pension Trust has the same investment choices as Enhance (including the same default investment option). Your pension savings will stay invested in the same way following the transfer, unless you want to change your investment choices.

What happens next?

You will receive a welcome letter from Workers Pension Trust to confirm receipt of your fund value from Enhance.

You will receive your first annual statement from Workers Pension Trust by April 2019.

Any questions?

If you are unsure as to what is the most appropriate method of saving for your retirement, you can contact an Independent Financial Adviser. To help find an independent financial adviser visit www.unbiased.co.uk

If you require any further information or have any questions, please email info@enhancepensionscheme.co.uk or telephone 028 9087 7153, quoting your name and National Insurance number.