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Updates to Minimum Pension Contributions

09/04/2019

Since the workplace pension first came into effect, there has been a minimum contribution limit that must be paid towards your staff’s pension scheme. This is made up of employer contributions which are paid by your business, and employee contributions which are deducted from the employees’ gross wages.

As you may be aware, the minimum contribution limit increased on 6th April 2019; from that date onwards the total contribution much reach a minimum of 8%, with a minimum of 3% being paid by the employer. This means that by law, your automatic enrolment pensions scheme MUST reach this minimum for any pay runs processed after 6th April 2019.

For further information on this topic, visit The Pension Regulator’s article at the below link:

https://www.thepensionsregulator.gov.uk/en/employers/increase-of-automatic-enrolment-contributions

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