By law, from 6 April 2019, the total minimum contributions into your workplace pension scheme will be increasing from the current rate.
The total minimum contributions will increase from the current 5% of qualifying earnings (of which at least 2% must come from the employer) to a minimum of 8% (with at least 3% from the employer).
In all cases, you and your employees will have to contribute the balance to bring the total contribution up to the minimum levels.
As an employer, as well as understanding your responsibilities, you should also make sure your employees are fully informed of the contribution increases to avoid queries and the risk of workers opting out of your scheme.
You can find further detailed information on The Pensions Regulator web site but in addition, to help you effectively communicate the positive message to your employees, we have designed a series of generic employee posters, flyers and e-bulletins to enable you to fulfil your responsibilities.
You can find these downloadable resources and more information at http://www.brunsdon.co.uk/going-up-resources
Brunsdon Employee Benefits Ltd can offer all the help and support you’ll need to understand your obligations as an employer, to ensure your payroll and administration systems are ready and to communicate a positive message to your employees, especially if you have a bespoke scheme.
If you would like any assistance, please contact us on 01452 623645 or email group.benefits@brunsdon.co.uk
Any information regarding tax treatment or legislation is based on our understanding of current UK legislation law, tax law and HM Revenue and Customs practice (January 2019), all of which may be subject to change and your business circumstances may impact on these. Brunsdon is not responsible for the content of third-party web sites.
This e-bulletin is intended for Brunsdon clients and the information should not be communicated elsewhere. If you are not the intended recipient you are hereby notified that any disclosure, copying, distribution or reliance upon the contents of this e-bulletin is strictly prohibited. The information provided does not constitute advice. Any information in this e-bulletin regarding tax treatment or legislation is based on our understanding of current UK legislation law, tax law and HM Revenue and Customs practice, all of which may be subject to change and your business circumstances may impact on these. The value of investments can go down as well as up and past performance is not necessarily a guide to future performance. Brunsdon is not responsible for the content of third-party web sites.
Brunsdon is the trading name of Brunsdon Financial Services Ltd. (Reg. No. 03434005), Brunsdon Asset Management Ltd. (Reg. No. 07098607) and Brunsdon Employee Benefits Ltd. (Reg. No. 11021460). Brunsdon Employee Benefits Ltd is an appointed representative of Brunsdon Financial Services Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA). The FCA does not regulate tax advice and some elements of Automatic Enrolment. All companies are registered at Goodridge House, Goodridge Avenue, Gloucester, GL2 5EA. Tel. 01452 623623 E-mail. enquire@brunsdon.co.uk Web. www.brunsdonfinancialservices.co.uk
