From the 6th of April 2019 Minimum Pension Contributions Rates will be increased, this is the minimum pension percentage rate in the UK.
As An Employee
You will not be required to do anything to have the changes applied if you are under the new threshold, however you may opt out of it.
As An Employer
If you have eligible employees in an automatic enrolment pension scheme, you will need to make sure that at least the minimum amount is paid by you and the employees into the scheme.
It is your responsibility under the Pensions Act 2008, to make sure the right minimum contributions are being paid for your staff. If you are already paying above the increased amounts, you don’t need to take any further action. You should also let your staff know about any increases being applied to their contributions.
The New UK Minimum Pension Contribution Rates
|2018/19 Rate||Post 06/04/2019 Rate|
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If you have any questions or concerns, feel free to get in touch with our payroll experts at Talk Staff Payroll to make sure you’re prepared for the upcoming changes.