The auto-enrolment solution for Northern Ireland

How much does it cost?

As an employee, you will have to contribute a percentage of your salary to your pension pot.

The table below shows the minimum contributions you and your employer will need to pay. You can choose to pay in more if you want to.

Date of Introduction December 2016 to present 
Employee Contributions 5% of normal weekly pay
Employer Contributions 4% of normal weekly pay or £10.24 per employee per week or (whichever is higher)
£2.56 per employee per week towards lump sum life cover and accidental death cover

Scheme Charges

There is an Annual Management Charge (AMC) of 0.75% deducted from your total pension fund each year. For example if your total retirement pot is worth £5,000 the AMC would be £37.50. The Trustees review the charging structure on a regular basis.

Investment switching charges

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.

Value for Members

In making the value for member assessment, the Trustees have considered the costs along with other factors such as the quality of customer service, member communications and support, scheme design, administrative services, scheme governance, fund management and performance.