Posted in General News and Newsletters
We've reached 37,500 members!
Workers Pension Trust has now enrolled more than 37,500 members into the Scheme. We are delighted to have reached this milestone! More than 2,900 companies from a wide range of sectors have entrusted us to look after the pension needs of their employees. We are pleased that Workers Pension Trust continues to go from strength to strength, with more and more people joining the Scheme every day.
Workers Pension Trust receives major accreditation
Workers Pension Trust is the first pension provider in Northern Ireland to be awarded Master Trust Assurance accreditation. The quality standard is awarded to pension schemes which demonstrate exceptionally high standards of governance and administration. To receive the accreditation, schemes must meet stringent criteria and adhere to best practice procedures. This is confirmation that our governance and administration are second to none.
Contributions are increasing in 2018 and 2019
By law, minimum contribution levels for automatic enrolment are increasing. The increases are planned in two phases from 6 April 2018 and then again in April 2019. This will enable your pension to grow.
| Until 5 April 2018 | 6 April 2018 to 5 April 2019 |
6 April 2019 onwards |
|
| Employer Contribution | 1% | 2% | 3% |
| Employee Contribution | 1% | 3% | 5% |
| Total | 2% | 5% | 8% |
Please note that originally the first phase of the increases was due to start from October 2017. However, in April 2015 these dates were changed by the government to start from 6 April 2018.
Transfer your other pensions to Workers Pension Trust
If you’ve worked for several employers, it’s likely you may have several pension pots. You may be able to transfer your existing pots into your account with Workers Pension Trust. In some cases, having one larger pension pot rather than lots of small ones may be beneficial as it will be easier to keep track of and you’ll probably pay less in charges. If you are unsure about transferring, we recommend you speak to a financial adviser. To find your nearest adviser, you can visit www.unbiased.co.uk.
Increase your pension pot at any time
It’s never too early to start thinking about how you’re going to fund your retirement, and whether you will have enough to support the lifestyle you want. If you can afford to, you should consider saving more. The more you pay in, the more tax relief is added by the government and the more you should get back when you retire.
Scam proof your savings
Pension scams, where people may be tricked into handing over their pension pots by scammers, are on the increase. Many of the offers seem very convincing, but once you’ve transferred your money into a scam, it’s too late. You could end up losing all your pensions savings and in some cases face a tax bill of up to 55%.
The Pensions Regulator has produced some tips to help give you the best possible protection against pension scammers, which you can find at: http://www.thepensionsregulator.gov.uk/individuals/dangers-of-pension-scams.aspx
Have you completed an Expression of Wish Form?
Please remember you must complete an Expression of Wish form and return it to the Scheme to avoid delays in payment to your dependents / beneficiaries in the unfortunate event of your death. You can download an Expression of Wish Form from our website by clicking here.
Annual Benefit Statements
Annual benefit statements were dispatched during March 2017 to all members of the Scheme as at October 2016. If you did not receive your statement, please request a copy by emailing info@workerspensiontrust.co.uk, confirming your name, National Insurance number and postal address.
Brexit Update
The outcome of the European Union (EU) referendum on 23 June 2016 has dominated the news over the past year. Article 50 has been triggered, starting the two year process for the UK to leave the EU. Whilst the terms of withdrawal from the EU are unknown, we do not expect the result of the EU referendum to impact your Workers Pension Trust benefits, but we will keep you informed as Brexit progresses.
Let us know if you've moved!
It’s important that you keep your address up to date. If you have moved house please keep us informed of your new address by completing and returning a Change of Details Form.
Do we have your email address?
We are changing the way we communicate with you. We want to be more environmentally friendly, reduce costs and continue to meet member demand, so we are encouraging you to register your email address with us. We can then send you non-personalised communications, such as this newsletter and general information about Workers Pension Trust, by email rather than post.
To register or update your email address, please email, quoting your name and National Insurance number. Information such as your Annual Benefit Statement will continue to be sent to your home address for the time being.
Need Answers?
If you have a question about your Workers Pension Trust pension, you might find the answer you’re looking for in our online FAQs section. The website also has useful guides to help you understand different pension topics, and forms to help you manage your membership.