My contributions went up last year and I’ve heard that they’re going up again, what if I can’t afford to keep paying in?

5 April 2019 will be the last of the 3 planned increases to the minimum contributions under auto-enrolment.

Between 6 April 2018 and 5 April 2019, the minimum contribution is 5% with at least 2% being contributed by the employer. From 6 April 2019, the minimum contribution will be 8% with at least 3% from the employer.

We’re all living for longer, so saving something (no matter how little) is better than nothing. When auto-enrolment was introduced, the government felt that this would increase the costs and administrative requirements for employers. To ease the burden, the government introduced a phasing of minimum contributions. This allows employers and workers to build up contributions gradually until 6 April 2019.

If you’re unable to pay the increased minimum contribution – you can opt out by calling us on 0300 330 1280 or by visiting our webpage on opting out of your workplace pension. You could also check with your employer whether they’re able to pay contributions below the minimum required under auto-enrolment. If they’re not able to do this, you could set up a Direct Debit with us for the amount you wish to pay in.

Visit our online help and support to find out how to make personal payments into your pension.

Remember though, if you choose to stop making contributions or make contributions below the minimum under auto-enrolment, your employer may stop paying in too. You also won’t receive tax relief.

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