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Pensions – what will it cost?

24th March 2017

We all know that pension contribution rates will be going up. Well, it is still a while away but just so you can’t say I didn’t warn you, the new rates are shown here.

Key datesMinimum employeeMinimum employer
Current to 5 April 20181%1%
6 April 2018 to 5 April 20193%2%
6 April 2019 onwards5%3%

Remember that these rates apply if you are using qualifying earnings or tier 2 for your definition of pensionable pay, which I am glad to say, most of you are.

The earnings trigger of £10,000 per annum, which qualifies 22 year olds and over for auto-enrolment, has not been increased this year. It has remained unchanged for three years now and I do not expect it to be increased.

Despite many of your understandable worst fears, there has still been no indication that the percentages will be increased after April 2019. Well all I can say is watch this space.

Filed Under: Spring 2017

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