From today (6 April 2018) employers are required to increase the value of the minimum contribution to their employee’s automatic enrolment pension to at least 2%. A further increase to 3% will come into place on 6 April 2019.
Employee contributions will also increase to 3% in April 2018, then to 5% in 2019. This brings the total minimum contribution levels to 5% and 8% respectively.
If we are your payroll provider we will have already ensured that your auto enrolment process is ready for the change, and notified you of any changes that are necessary. If we do not process your payroll, we recommend getting in touch with your payroll provider to ensure that they have complied with these changes.