Workplace pension contributions are increasing

By Rob Stokes

Rob Stokes

The minimum contributions you and your staff pay into your pension scheme will increase from 6 April 2019.

The minimum amount you will have to pay in will be 3% of your staff’s pay, and the amount your staff put in will rise to 5%. This means the total minimum contribution will be 8%.

You and your staff member can choose to pay more than the minimum contributions if you wish.

You don’t need to take any further action if you are already paying above the increased minimum amounts. These increases don’t apply to staff who asked to be put into a scheme that you don’t have to pay into.

If you have any queries you can contact the payroll team on payroll@randall-payne.co.uk or 01242 776000.

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