Increased contributions for workplace pensions in 20187th November 2017 | Posted in: Payroll, Pensions, Savings & Investments, Planning
Auto-enrolment of staff in workplace pension schemes now applies to even the smallest of employers, although there are exclusions. The current minimum contributions are 1% from the employer and 1% from the employee, but these limits are scheduled to increase to 2% and 3% respectively from 6 April 2018.
The contributions will then increase to 3% from the employer and 5% from the employee from 6 April 2019. Employees will have a further opportunity to opt out of auto-enrolment.
At Johnston Smillie we have a dedicated payroll team who can assist your business in all aspects of auto-enrolment. If you would like to find out more about our payroll services and how we can help you with your auto-enrolment duties, please contact us.