Important changes to minimum pension contributions

Please see below details of forthcoming changes to pension contributions.

By law, under automatic enrolment, minimum pension contributions are required to increase over time on set dates. The final planned increase will be on the 6th April 2019.

On 6th April 2019, the employee contribution with rise from 3% to 5% and the employer contribution will rise from 2% to 3%.

This will apply to all employees already in your automatic enrolment pension scheme. Anyone who joins the pension scheme after 6th April 2019 will have a minimum contribution rate of 8%.

We will automatically calculate these increases for you as part of our payroll process.

Both you as an employer or your employees can opt to pay more than the minimum contribution shown in the table above. If you wish to do this please let us know.

If you have any queries regarding the above, please do not hesitate to contact a member of our payroll team.

 

 

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