The minimum amount paid into your workplace pension is going to increase. This is a nationwide change, involving millions of people and their employers across the country. Changes will take place in April 2018, and again in April 2019 – it’s the law.
The table below shows what the base contributions are, and the dates they will rise. You can also choose to give more than the minimum amount should you wish.
|
Date effective |
Employer minimum contribution |
Employee minimum contribution |
Total minimum contribution |
|
Currently until 5 April 2018 |
1% |
1% |
2% |
|
6 April 2018 to 5 April 2019 |
2% |
3% |
5% |
|
6 April 2019 onwards |
3% |
5% |
8% |
Remember, your workplace pension is a simple way to help you save for your future so that you will have more money to continue doing the things you enjoy when you retire. The earlier you start to save, the more money you will have when you come to retire, as your money has had time to grow.
If you would like to contact us regarding workplace pensions, please email Tracy Gill at tracyg@whitleystimpson.co.uk
To find out more about workplace pensions on our website, click here.
Get to know the benefits and find out more at: http://www.workplacepensions.gov.uk/employee/