Upcoming Increases to Pension Contributions Article Image

Upcoming Increases to Pension Contributions

If you have any staff, you should have received a reminder from The Pensions Regulator regarding increases to your automatic enrolment pension scheme.

The minimum contributions that you and your employees pay into the automatic enrolment scheme will be increasing in two phases.

The first phase must be in place from the 6th April 2018, and the second phase to be implemented from the 6th April 2019.

As the employer, you must make a minimum contribution towards this - and your employees make up the difference.

From the 6th April 2018, the way you calculate and pay contributions into your pension scheme must be changed to reflect the increases set out by The Pensions Regulator.

It is your responsibility to ensure the right minimum contributions are being paid to your staff.

We strongly recommend that you write to your staff to inform them about the changes to their pensions - and the new contributions that will be processed through their wages in accordance with the Pensions Act 2008.

You can find out more about contribution increases on The Pensions Regulator’s website.

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