6 Apr 2018
On 6 April the minimum amount employers must pay into workplace pensions is going up
On 6 April 2018, by law, the minimum amount employers have to pay into workplace pensions goes up to 2% of qualifying earnings, while the combined total of the employer plus employee contributions must be at least 5%.
There is no specific minimum employee contribution. Staff have to pay at least the difference between what the employer pays and the minimum total of 5%. So, if the employer only pays 2% then their staff will need to pay at least 3%.
Automatic enrolment has so far put more than nine million workers into workplace pension schemes. All of these people are now on the road to saving for a better retirement, but it’s only the start.
See more about The Pensions Regulator in Tools & Resources
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