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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 dates Minimum employee Minimum employer
Current to 5 April 2018 1% 1%
6 April 2018 to 5 April 2019 3% 2%
6 April 2019 onwards 5% 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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Up, up and away… ►

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Keep us up-to-date

We just ♥ it when you keep us up-to-date with what’s going on in your business but here is your reminder just in case you need a nudge, tell us when:

  • You promote someone to director;
  • You award pay increases;
  • An employee leaves or joins;
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  • Employee changes bank account.

… call Niki on 01332 747017

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