Increase in Workplace Pension contributions

From April 6th, the minimum amounts being paid into workplace pensions will be increasing. The total amount for both employers and employees will be going up to 5% from the current 2% of qualifying earnings.

Between April 6th 2018 and April 5th 2019 the minimum employers must contribute will be 2% of qualifying earnings and the minimum for employees will be 3%. From April 6th 2019 the minimum amounts will increase again to 3% for employers and 5% for employees.

Full details can be found on the Pension Regulators website http://www.thepensionsregulator.gov.uk/employers/contributions-funding.aspx