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Automatic Enrolment Pension Contribution Increases

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Automatic Enrolment Pension Contribution Increases

 

In previous years we have seen a gradual increase in the minimum contributions for Automatic Enrolment which have been working towards the new percentage levels which come into place as of 6 April 2019.

 

These new rates from 6 April 2019 are minimum of 3% employer contribution and 5% from the employee themselves. The new total minimum contribution is 8%.

 

With the National Minimum Wage and National Living Wage increasing and the earnings trigger for Automatic Enrolment staying at £192 a week, £833 a month or £10,000 a year. This could soon be a cost you need to factor into your budget forecast.

 

For our payroll clients these changes will automatically be reflected in the first pay period that is required for the increase.

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