I think you will all agree we have seen very little publicly announcing the minimum contribution rate increase effecting from April 18 and again April 19.
So what are the new minimum rates from April?
- Employee rates 3%
- Employer rates 2%
This is double the employer pension costs currently and a much larger increase for employees. We expect, particularly for lower paid employees, this may result in an increasing number of staff wishing to cease contributions to the scheme. Could this have a negative effect of what was intended? Watch this space!
Please feel free to download our pension contribution poster.
Should you have any questions please contact us on 03331 123456