On 6 April 2019 the minimum contribution levels for auto enrolment workplace pension schemes are due to increase.
From that date all employers will be required to increase their contribution towards their employee's auto enrolment pension scheme. The employer's minimum contribution will increase from 2% to 3% and the employee's contribution will increase from 3% to 5%, meaning that the overall total minimum contribution will be 8%.
If an employer decides to pay the total minimum contribution required, their employees staff won't need to pay anything.
The 8% minimum contribution calculation is based on a specific range of earnings. For the 2018/19 tax year this is between £6,032 and £46,350 a year. These figures are reviewed each year by the government and will be again on 6 April 2019.
If you would like some assistance in setting up a workplace pension scheme for auto enrolment or help with managing your payroll, please contact our head of payroll services director Martin Southern on 023 9248 4356 or email him at mjs@morriscrocker.co.uk
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