Increase to Auto-Enrolment Pension Contribution Rates

Is your auto-enrolment scheme set up with the employer paying a minimum pension contribution so as to comply with government rules? If so, you will have to make changes in April 2019.

Minimum Pension Contribution:

From April 2019 the total minimum contribution increases from 5% to 8%. The employer pays a minimum 3%. Staff contribute the remainder up to 5%. If your organisation has agreed with its scheme provider to calculate minimum contributions in a different way, this is called ‘certification‘ and you can check the details of this on the Pensions Regulator’s website here.

Further reading:

You can get some more information from The Pensions Regulator’s website here. If you are the business owner this article will interest you.

Updated: April 2019

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Risk Warnings

This article and the information on this website is not personal advice. It’s only intended to give you a brief summary or highlight a particular issue for you to investigate further. It is based on our current understanding of legislation and HMRC guidance which can change and is correct as of the date of the post.

If you’re in any doubt whether a particular course of action is suitable for your circumstances, you should seek professional advice. Tax rules can change and any benefits depend on individual circumstances. And, if you are unsure any reliefs are applicable to you, you should consult your accountant or HMRC.

The value of investments and any income from them can fall as well as rise, so you could get back less that you put in. Past performance is not a guide to the future. It cannot provide a guarantee of the future returns of a fund.

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