The auto-enrolment solution for Northern Ireland
Yes, paying additional contributions allows members to make better provision for their retirement. Members and/or employers may contribute more than the minimum employee percentages required by auto-enrolment. If you are interested in paying additional contributions download and complete the Contribution Change Form and pass it to your employer.
After you’ve been enrolled in Workers Pension Trust you may opt out. Think carefully before opting out as you will lose the right to pension contributions from your employer and you may have a lower income when you retire.
What you need to know about opting out
How to opt out
When paying into a pension scheme, you may receive tax relief on contributions. This means that money that would have gone to the government as tax goes into your pension instead. Workers Pension Trust operates a net pay arrangement for tax relief. This means that pension contributions are deducted from pay before tax is calculated.
If you are eligible for tax relief, your employer deducts your contributions from your pay before they deduct tax, giving immediate tax relief. (The tax you'd normally pay to the taxman is invested in your pension instead.)
If your earnings are below the starting rate for income tax (£12,500 2019/20) you do not benefit from the tax relief that a taxpayer would receive. However, this doesn’t affect the amount that is paid into your pension and you will continue to benefit from the money that your employer pays in.
Yes, you will receive an annual statement in March each year.
We will write to you in advance of your 65th birthday to provide you with your retirement options. You may however claim your benefits at any time from age 55 whether you leave your employer or not.
There are circumstances when you can take your retirement benefits earlier than age 55 (for example, if you are forced to retire due to ill-health or are terminally ill). Read What are my retirement options for more details.
There is a threshold for contributions, beyond which tax charges will be incurred. This threshold is set by HMRC and is called the Annual Allowance. The Annual Allowance for Pension Input Periods (PIP) ending in the 2019/2020 tax year is £40,000. If your income is greater than £150,000, this figure will reduce by £1 for every £2 of income above £150,000. The maximum reduction will be £30,000. Therefore those with earnings above £210,000 will have an Annual Allowance of £10,000.
You will receive a State pension as normal. Your Workers Pension Trust pension is in addition to your State pension.
With Workers Pension Trust you can take your pension with you to your next employer. You can choose who to leave your savings to should you die before you retire by completing the Expression of Wish form.
Free and impartial government guidance can be obtained from Pension Wise.
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