The auto-enrolment solution for Northern Ireland
Posted in General News and Newsletters
Workers Pension Trust has more than 48,000 active members from more than 4,500 companies across the UK.
Putting money aside now for your retirement might not be the first thing on your mind, especially if you have youth on your side! But, unlike many things, pensions typically get better with age – the earlier you start and the more you contribute, the bigger the pot at retirement.
As a member of Workers Pension Trust you will have likely seen an increase in your contributions in April 2018 from 1% to 3% of your salary.
If you’re wondering whether this is right for you, it’s worth noting you will also receive a 2% contribution from your employer, as well as tax relief from the government.
The pension increases are effectively a pay increase as you are receiving more money from your employer which is being put into your pension for your retirement.
Workers Pension Trust statements have recently been issued by post to some 40,000 members. We have plans in place to move to a new on-line portal which will mean that you will be able to access your pension statements through a secure on-line account. Watch this space for further information.
Some members have been asking the question ‘If my employer goes out of business, what happens to my pension savings?’
These concerns have been prompted by the press coverage of high profile cases such as the construction firm Carillion and retail company BHS.
Workers Pension Trust is a defined contribution trust-based pension scheme. This means that it provides benefits based upon the money held in individual ‘pots’ specifically in the name of each employee.
If the company ceases trading, the ‘pot’ is still in the employee's name and is invested ready for retirement. Put simply, you won’t lose your pension fund.
You may have heard that data protection laws are changing from 25 May 2018. The current Data Protection Act 1998 has been in place for nearly 20 years and will be replaced by the General Data Protection Regulations (GDPR).
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.
If you have a question about your Workers Pension Trust pension, you might find the answer you’re looking for in our online FAQ section. The website also has useful guides to help you understand different pension topics, and forms to help you manage your membership.