What Is Happening?
On April 6th 2019 the minimum contributions an employer and employees pay into the automatic enrolment workplace pension scheme will increase. The new rates, from the date specified, are:
- Employer minimum contribution: Rising from 2% to 3%
- Staff contribution: Rising from 3% to 5%
- Total minimum contribution: Rising from 5% to 8%
Why Does It Matter?
All employers with staff in a pension scheme for automatic enrolment must take action to make sure at least the minimum amounts are being paid into their pension scheme, as supported by the Pensions Act 2008.
What Do I Need To Do?
As an employer it is your role to ensure that the increases are being implemented within the pension scheme in your organisation.