By law, minimum contribution levels for automatic enrolment will increase again in 2019. The auto enrolment minimum is currently 5% of qualifying earnings of which at least 2% must be paid by the employer. In April 2019 this rises again to 8% of qualifying earnings of which at least 3% must be paid by the employer.
The vast majority of staff across the UK are now saving for their retirement thanks to the success of automatic enrolment. A report published by The Pensions Regulator (TPR) in September 2018 shows workplace saving continues to rise with 84% of employees now saving into a workplace pension, an increase from 77% last year.
In October 2018 we carried out an online satisfaction survey to ask our members to rate our service and provide suggestions on how we can improve. Overall satisfaction ratings for telephone support provided by staff including professionalism, staff knowledge and timely responses to queries remain very high at 98%.
In just over five years, Workers Pension Trust has enrolled 50,000 people onto the scheme, making it the largest Northern Ireland-based pension solution in the private sector.