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Pensions Regulator announces changes to phasing of minimum contributions

The Pensions Regulator has announced changes to the phasing of minimum contributions.

Subject to Parliamentary approval, the date the minimum contributions were due to be increased has changed in order to align with the tax year. So now, instead of contributions increasing from 2% to 5% in October 2017, and from 5% to 8% in October 2018, they will now rise in April 2018 and 2019. Despite what some press articles may have implied, this is not a delay to automatic enrolment, and employers’ staging dates will remain the same.

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Read more about this change here: http://www.thepensionsregulator.gov.uk/working-out-your-clients-costs.aspx