The auto-enrolment solution for Northern Ireland
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, but you can choose to pay in more if you want to.
|Date||Employer Minimum Contribution||Employee Contribution||Total Minimum Contribution|
|Current rate: 6 April 2019 onwards||3%||5%||8%|
|Previous rate: 6 April 2018 to 5 April 2019||2%||3%||5%|
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.
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. A full analysis is set out in the Trustee’s Value for Members which can be found here.
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