The auto-enrolment solution for Northern Ireland
Posted in General News and Newsletters
Workers Pension Trust is reminding all employers to be ready for the increased auto-enrolment pension contributions which apply from April 2019.
We have plans in place to move to a new on-line portal in early 2019. This will allow you to access information about your pension fund at any time through a secure on-line account. You will receive email updates about the move towards member access within the next few months.
One of the features of your pension with Workers Pension Trust is the ability for the fund to be passed on to others in the event of your death before retirement. You should complete an Expression of Wish form to help to inform the Trustees of the Scheme who you would like to receive your pension fund in these circumstances.
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.