You can’t have missed the recent tv adverts with the big blue creature talking about Workplace Pensions and how every business, no matter how big or small, needs to offer their employees a pension. Hopefully, all of you out there who meet these criteria have got schemes in place – if not you really do need to address this.
We thought it would be useful for you to know that the minimum rates of contribution are due to change in April 2018.
At the moment the following contributions are:
Employer 1% You 1% Total 2%
As of April 2018, these will increase to
Employer 2% You 3% Total 5%
So make sure that you amend your Pension Schemes to reflect this come April!
Bear in mind, if you are paying an external company to manage your Payroll, they will probably charge you to do this.
It may be the time to consider bringing your Payroll in house – Payroll costs (including the additional Pensions Module) start at only £31 + vat per month.
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