Minimum Contribution Rates Are Changing…

Minimum Contribution Rates Are Changing…

The minimum contributions set by the government for auto-enrolment will increase again in April 2019 by law.

This increase will take the total minimum amount to 8% (with at least 3% from you as the employer). This is assuming you’re calculating minimum pension contributions on qualifying earnings.

If you work your contributions out another way, you might need to pay more – you can find out more on The Pensions Regulator’s website.

You may need to put in more than you currently do, unless you’re already paying above the minimum contribution level. And you’ll probably need to let your employees know they’ll be paying more too (assuming they will be).

If you’re unsure what the cost to your business will be then please contact Becci who will be happy to help on 01482 428010 or email help@5fourpayroll.co.uk

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