The auto-enrolment solution for Northern Ireland
Posted in General News and Newsletters
We continue to monitor the effects of Coronavirus on the markets and the economy as a whole. Coronavirus has affected investment markets around the world and you may be worried about what will have happened to your pension savings. It is important not to panic, history shows that in time markets recover, indeed some investment markets have undergone significant recoveries from their lows earlier in the year. You should be reassured that your savings are in a strong position for the long term.
The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA), supported by The Money and Pensions Service (MaPS), say fears over the impact of the pandemic on markets and personal finances may make savers more vulnerable to scams or making a decision that could damage their long-term interests.
Deciding what to do with your retirement income is important and you should think carefully about what is right for you.
If you normally upload the contribution file to Workers Pension Trust each month there are a number of checks you need to do to prepare for the change in October. This should allow your file to upload without any delays at the end of next month.
Workers Pension Trust is required to monitor the accuracy of contributions received. We want to make these checks more automated and are therefore making some changes to the pension contribution upload file format.