The auto-enrolment solution for Northern Ireland
Workers Pension Trust is run on a not-for-profit basis, however, the Scheme needs to cover the costs of managing the pension fund.
A contribution charge is deducted on each contribution going into the pension fund. This is 1.8%. For example: £20 is added to the fund each month. The contribution charge would then be £0.36 per month or a total of £4.32 per year.
An AMC is deducted off the value of the pension fund each year. This is 0.3%. For example: If the fund is worth £4,800 this means that the AMC for that year would be £14.40.
The Diversified Fund is an actively managed fund and is subject to an additional variable charge. This will typically be in the region of 0.85%-0.90%. This is an additional optional fund available under the Freestyle Option. The charge relates only to the proportion of the pension pot invested in the fund.
Members who have chosen the Freestyle Option are entitled to switch investments twice per annum without an administration charge. Subsequent requests within a 12 month period may incur a charge, a decision which lies with the Trustee.
The Scheme’s Board of Trustee Directors reviews the charging structure on a regular basis.
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