Upcoming changes to pension contributions…

May 12, 2017
pension

 

Communication from The Pensions Regulator regarding contribution levels for workplace pensions

We understand that The Pensions Regulator (TPR) are sending out reminders about the increase in contribution levels for workplace pensions well in advance of the changes being implemented. These are simply the increases that were always in the legislation for workplace pensions, the only alteration being that they have been delayed as they were originally scheduled to take place from October this year, but will now only take effect from April 2018 to tie in with the tax year.

If we administer your payroll and workplace pension we will automatically apply this increase on your behalf, this reminder is simply to make you aware that you need to budget for a 1% increase in employers contribution from April 2017. No action is required.

If you run your own payroll you will need to ensure with your software provider that these increases have been integrated.

If you would like more information about the planned increase in workplace pension contributions; contact Duncan or Sally on 01925 210000.

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