Bank Account and Pension Information 💷
Setting up a new bank account can be challenging and it is recommended that staff moving to work in Northern Ireland check with their existing bank to see if they have a relationship with a bank that has a presence in Northern Ireland as they may be able to assist you with setting up an account.
It is recommended that you contact the bank and make an appointment to set up your account, checking in advance what documentation is required to enable you to open an account. Typically the documents you need are outlined below:
- Photographic ID
- Evidence of your UK address, (e.g. your tenancy agreement). If you do not have this, upon request the Human Resources Officer assisting with your appointment can issue you with a letter for your chosen bank to confirm your employment status etc.
- Proof of employment (e.g. your letter of appointment)
Types of account
Fees, Charges and Overdrafts
Fees can vary a lot between banks and between accounts, with one of the highest fees being charged for going over your agreed overdraft limit.
If you regularly spend more than you have in your account, choose one which will give you an overdraft up to an agreed limit without charging fees and/ or with a low interest rate.
A pension is essentially a pot of cash that you, and your employer, can pay into as a way of saving up for your retirement. You get tax relief on this money. In your new role, you will be automatically enrolled in the HSC Pension Scheme, unless you choose to opt out of this. Pension Service administers the pension scheme offered by the Health Trusts in Northern Ireland and more information can be found on their website www.hscpensions.hscni.net.
General information about pensions is available free from some organisations where advisers can explain your pension options. For advice specific to what you need, you could speak to an authorised financial adviser, but you may have to pay for their advice.
General pension information is available from the Pensions Advisory Service, the Financial Conduct Authority (FCA), the Northern Ireland Pension Centre and charities. The Pensions Advisory Service provides free, confidential information about personal and workplace pension schemes. The FCA regulates financial services in the UK. It also produces free, easy-to –understand information on a wide range of topics including pensions
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