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%.

Further reading:

You can get some more information from The Pensions Regulator’s website┬áhere.

If you are a business owner this article will interest you.

  • Hillary Carden

    Hilary is a force to be reckoned with in the pensions field. She founded Cardens in 1993 and Cardens Pension Trustees Ltd in 1995 and became one of the first women to become a Registered Life Planner® and with 30+ years experience of advising on and managing pension schemes, she really is an expert in retirement and financial planning.

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