Following the introduction of workplace pension in 2017, employers and employees are required to contribute to a pension scheme.
Changes to the contribution limits applied from 6th April 2019, are you prepared?
New workplace pension limits from 6th April 2019
The amounts that employers and workers will be required to pay into workplace pensions are due to increase from 6 April 2019 unless the worker opts out. The new limits will be 5% from the worker and 3% from the employer. The total minimum contribution will therefore increase from the current 5% overall to 8%.
In some schemes, your employer has the option to pay in more than the legal minimum. In these schemes, you can pay in less as long as your employer puts in enough to meet the total minimum contribution of 8%.
Help from RWB is at hand...
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The views provided in this article are for general information purposes only. Nothing in this article represents advice of any nature whatsoever. Accordingly, RWB CA Limited does not accept any liability or responsibility for the information contained in this article or any decision or other action that may be taken in reliance upon the information contained within it. RWB CA Limited accepts no responsibility for any errors of fact or opinion and assumes no obligation to provide you with any changes to its assumptions.