Minimum pension contributions to increase in April 2019

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Minimum pension contributions rates increase again in April

Minimum contributions that are set by the government for auto-enrolment will increase again in April 2019. It will be the law.

The increase will take the total minimum amount to 8% (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 Website, to discover how the contribution increases will work.

You might need to put in more than you currently do, unless you already pay above the minimum contribution level.

It would be good to let your employees know they’ll be paying more too (assuming that they will be).

To help, there are some useful tools in The Peoples Pension Toolkit online.

** Information from The Pension Regulator Website**

 

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