The auto-enrolment solution for Northern Ireland
As an employer, you will have to contribute a percentage of your employee’s salary to their pension pot.
The table below shows the minimum contributions you and your employees will need to pay, but you can choose to pay in more if you want to.
|Current rate: 6 April 2019 onwards||3%||5%||8%|
|Previous rate: 6 April 2018 to 5 April 2019||2%||3%||5%|
The employer application fee is a one-off charge paid by the employer which varies depending on how the Scheme is administered.
If the employer is administering their online account directly the application charge is £200 + VAT.
If the employer has delegated the administration of their online account to an Accountant or Payroll Bureau the application charge is £100 + VAT.
Delegated Access means that the employer has delegated the administration of their online account to an Accountant or Payroll Bureau to carry out the following tasks:
The employer application charge will be collected by direct debit within one month of the account becoming active. The account will be activated after the Employer Declaration Form and Direct Debit Mandate, which are emailed to the employer following submission of the online application, are completed and returned to the Scheme.
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: £80 is added to the fund each month. The contribution charge would then be £1.44 per month or a total of £17.28 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 £5,000 this means that the AMC for that year would be £15.
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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