From 6 April 2019 the minimum pension contributions due to be paid by employers and their employees into their auto-enrolment pension schemes are to increase to a minimum of 8% (total). The total contribution of 8% must include a minimum 3% employer contribution.
Duration | Employer minimum | Total minimum contribution |
Current contributions | 2% | 5% |
6 April 2019 onwards | 3% | 8% |
The Pensions Regulator has produced guidance for employers on dealing with the increase including a letter template to advise employees of the change.
Contact us if you would like help with auto enrolment.
Internet link: TPR increases