Auto-enrolment ramps up

By FMB on 

Posted in: 

We're sure you are well aware that next month both employee and employer contributions to auto-enrolment pension schemes are set to rise.

Employer duties have been introduced gradually. The initial  minimum contribution was introduced at 2 per cent of a worker's pay. This will rise gradually to 8 per cent. The dates for the increases to 5 per cent and 8 per cent are April 2018 and April 2019 (as illustrated below).

The number of schemes has broken the one million barrier and the Pensions Regulator is chasing those that are breaking the rules.

Just setting up a scheme is not sufficient, it is the empoyers duty to monitor staff eligibility as salaries change and to enrol new scheme members, no matter that they may be temporary.

If you are uncertain about your obligations and would like some help, we have a dedicated corporate adviser who is experienced in this area of advice. We do not charge for an initial meeting.

© FMB 2017 - 2018. All rights reserved.
Financial Management Bureau is authorised and regulated by the financial conduct authority.
Financial Management Bureau Ltd is a limited company registered in England and Wales. Registered office: Shenstone House, Helsington, Kendal, Cumbria LA8 8AA. Registered number: 02089786
The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren't able to resolve themselves. To contact the Financial Ombudsman Service please visit