Increase to Auto-Enrolment Pension Contribution Rates
Is your auto-enrolment scheme set up with the employer paying a minimum pension contribution so as to comply with government rules?
If so, you will have to make changes in April 2018.
The Pensions Regulator (TPR) is in the process of sending letters to all employers, telling them about the forthcoming increase in the legal minimum contribution rates.
Minimum Pension Contribution:
From April 2018 the total minimum contribution increases from 2% to 5%. The employer pays a minimum 2%.
From April 2019 the total minimum contribution increases from 5% to 8%. The employer pays a minimum 3%.
You can get some more information from The Pensions Regulator’s website here.
If you are a business owner this article will interest you.