Organization : Department For Social Development
Type of Facility : Private Pensions Automatic Enrolment
Country: Northern Ireland
Website : http://www.dsdni.gov.uk/index/law_and_legislation/private-pensions-automatic-enrolment.htm
Private Pensions :
Workplace, personal and stakeholder pensions:
Social Security Policy and Legislation Division is responsible for the formulation and development of policy and legislation on private pensions in Northern Ireland.
Related : Department For Social Development Appeals Service Complaints Procedure Northern Ireland : www.statusin.org/9225.html
In general, Northern Ireland’s pensions policy and legislation operates in line with corresponding pension provision in Great Britain. In effect, there is a single system of pensions across the UK. Additionally, the pensions regulatory regime, for example, the Pensions Regulator, and the Pensions Ombudsman and the Pension Protection Fund operate UK wide.
Automatic enrolment – Latest:
Starting with the largest employers first, since October 2012 employers are required to automatically enrol eligible workers into a qualifying pension scheme, if they are not already in one.
Both workers and employers pay into the pension, and the Government also contributes in the form of tax relief. Medium and small employers will follow in stages over the next several years.
Automatic enrolment helps to address the issues that prevent people from saving into a pension scheme, such as:
** pensions saving being complicated and confusing;
** people simply not getting around to it;
** a lack of suitable pension products being available for people on low to moderate incomes; and
** lack of employer pension provision, particularly in smaller firms.
The Pensions Regulator writes to all employers in advance of their automatic enrolment date to inform them of when they need to take action and what they need to do to comply.
Useful contacts:
For more information on what this means for you visit:
www.nidirect.gov.uk/workplacepensions external link for workers
www.thepensionsregulator.gov.uk/employers.aspx and
www.nibusinessinfo.co.uk/pensions external link for employers
There is a toolkit to help people understand the workplace pension reforms available from Workplace pension toolkit external link
For more information on the policy and background to workplace pension reform see Helping people save more for their retirement through workplace pensions
Workplace pension information line
Phone number: 0845 600 1268
Text phone: 0845 850 0363
Opening hours: Monday to Friday 8.00 am to 6.00 pm
Workplace Pension Contribution Calculator For Auto Enrolment:
Starting from October 2012, many workers who don’t already have pension arrangements are being automatically enrolled into a workplace pension to help them save for their retirement.
If this applies to you, you can use this calculator to work out how much you and your employer will each put into your pension pot.
Simply enter your salary, and the calculator will show you what this means in terms of pension contributions in pounds and pence.
The figures you initially see will be based on you and your employer paying the minimum legally required percentage contributions. However, your employer may choose to pay more than the minimum. Check with them – if they are paying more, you can overwrite the calculator figures to get a more accurate result.
Calculate Here : https://www.moneyadviceservice.org.uk/en/categories/workplace-pensions-changes
How long will it take?:
clock 2 mins
Can I save my results?:
Yes. When you have finished your calculations, click on ‘Save these results’. You can also email your results or print them off.
Don’t forget!:
The figures within the calculator are illustrations to give you an idea of what your pension contributions and those of your employer might be.
Your figures are confidential:
We won’t see them, store them or pass them to anyone else.
Already have a workplace pension?:
In this case speak to your employer to understand more about your contribution amounts. This calculator only applies for automatic enrolment.