Is your business ready for Brexit? The UK left the European Union on 31 January 2020 and entered a transition period which is due to end on 31 December 2020.
The minimum amounts you and your staff pay into your automatic enrolment pension scheme will increase from 6 April 2019.
How this applies to you:
If you have eligible staff in an automatic enrolment pension scheme you will need to make sure that at least the minimum amount is paid by you and your staff into the scheme.
If you don’t have any staff in an automatic enrolment pension scheme, you don’t need to take any further action.
The new rate from 6th April 2019 will be 3% Employer minimum contribution, 5% Staff contribution (Total contribution 8%)
This is increased from 2% Employer minimum contribution, 3% Staff contribution (Total contribution 5%)
Remember:- It is your responsibility under the Pensions Act 2008, to make sure the right minimum contributions are being paid for your staff. If you are already paying above the increased amounts, you don’t need to take any further action. You should also let your staff know about any increases being applied to their contributions.