Changes to pensions from April 2019 payroll

[rub1e]

The Government introduced automatic enrolment for pension schemes, and has been gradually increasing the minimum contribution levels.

From the 6th April 2019 (i.e. effective for April payroll)...

• employER contributions will increase from 2% to 3%
• employEE contributions will increase from 2.4% to 4%
• tax relief on employEE contributions will increase from 0.6% to 1%

This yields a final sum of 8% towards your pension (see screenshot below)

More information can be found on our pension provider's website.

• [x] @rub1e to draft email informing dwylers of these changes
• [ ] @iteles to approve/amend email
• [ ] Formally inform staff and answer any questions
• [ ] Update payroll software based on staff's decision to continue/discontinue contributing to their pension
• [ ] Document any changes to process

[rub1e]

This is quite useful an illustration, provided by The People's Pension

Current system

New system (from 30th April payroll)

[rub1e]

@iteles I've drafted a letter for informing dwylers - shared with you.

If you could cast your eyes over it next chance you get, that's the only P1 aspect of this - once dwylers have been informed it'll drop to P3