Workplace Pensions Update – Changes in contribution dates.
We know we are constantly updating and reminding you, however following the Chancellor’s recent Autumn Statement, you may want to note some important developments taking place in the Workplace Pension and Auto Enrolment rules.
George Osborne announced that there the planned increase in the pensions contributions employers were having to make, has been pushed back.
This rise was planned to come into force in April 2017 and 2018, but has been pushed back to April 2018 and 2019. Employers will now have six months longer as the statutory contribution rises to 2% will now run in line with the tax year (along with saving the government £390 in 2017-18 and £450 in 2018-19).
For smaller employers, it means the administration of auto-enrolment will be simpler as it aligns to the tax years, instead of the increase being in October, they now will occur in the following April.
Why do you need to know? Even though your staging date isn’t affected by this announcement, it will impact your budgeting.
If you don’t even know what auto-enrolment is and how it is affecting you, firstly where have you been?! Secondly, contact us to find out your staging date, on 01909 512 120.