28th September, 2017
Minimum workplace pension contributions will soon be increasing
We are writing to let you know that the minimum amount paid into your workplace pension, both by you as an employee and by your employer, is going to increase. This is a nationwide change, involving millions of people and their employees across the country. Changes will take place on 1st October 2017, and again in October 2018 – it’s the law.
The table below shows what the base contributions are, and the dates they will rise. You can also choose to give more than the minimum amount should you wish:
|Date effective||Employer minimum contribution||Employee minimum contribution||Total minimum contribution|
|Currently until September 2017||1%||1%||2%|
|October 2017 to September 2018||2%||3%||5%|
|October 2018 to September 2019||3%||5%||8%|
Remember, your workplace pension is a simple way to help you save for your future so that you will have more money to continue doing the things you enjoy when you retire. And the earlier you start to save, the more money you will have when you come to retire, as your money has had time to grow.
Get to know the benefits and find out more at: http://www.workplacepensions.gov.uk/employee/