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Understanding Increased Minimum Contributions (Phasing) & its implications
The payroll solution that provides all you need for Auto Enrolment.
By law, the total minimum contributions rates for automatic enrolment will increase this April from 3% to 5%. Minimum contributions will increase further in April 2019, increasing from 5% to 8%. This is known as phasing.
On the 6th April 2018, employers are required to increase the total contributions into their employees pension pot from 2% to 5%. Employers will contribute 2% with the employee contributing 3%, totalling 5%. Minimum contributions will undergo a further increase next year on the 6th April 2019, with the total minimum contribution increasing from 5% to 8%, representing a 3% employer and 5% employee contributions.
Your clients will need to be ready to implement the new increases from April 2018 and April 2019. BrightPay’s upcoming webinar will help you understand how these changes apply to your clients and to your payroll processing.
Join us for a free interactive webinar where our team will take you through what's involved with the latest increases in contributions. Our agenda includes:
- An overview of Phasing
- Who does phasing apply to?
- Are employers ready for the contribution increases?
- Informing staff about the increases
- Implementing the increases in BrightPay
- A quick peek at BrightPay Connect
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Written by Karen Bennett | BrightPay Payroll Software
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