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Contributions

How will an increase to total minimum contributions work?

In April 2018, the total minimum contribution for automatic enrolment will increase to 5% – it’s the law. And employers …

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What’s the gross tax basis?

This is where contributions are deducted from your employees’ wages before tax is taken. You may see HM Revenue & …

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What’s the net tax basis?

Net tax basis is the default tax relief method with The People’s Pension where contributions are deducted from your employees’ …

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If we’re using postponement can we delay the minimum contribution increase by up to three months?

No, the increase to minimum contributions cannot be delayed. You must pay these increased minimum contributions after 6 April 2018 …

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We’re using salary sacrifice – what happens when the minimum contribution rates increase?

A higher percentage of employees’ salaries will need to be sacrificed to meet the new minimum contribution rates. Your payroll …

View full answer >>

What happens when the contribution rates increase if we’re using contractual enrolment?

If you’re before your staging date you don’t have to meet the automatic enrolment minimum contributions. If you’ve passed your …

View full answer >>

Where can I find more information about the increases to minimum contributions?

You can find more information about the forthcoming increases in minimum contributions on The Pensions Regulator’s website.   Read what …

View full answer >>

Will The People’s Pension inform my employees their contributions will be increasing?

There is no legal requirement or additional duties for you to write to your staff about the increases. When a …

View full answer >>

Can my employees pay below the minimum?

Yes, however it’s up to you to remember to re-enrol these employees for automatic enrolment at your three-year re-enrolment date. …

View full answer >>

What happens if we don’t comply with the contribution increases?

This is a legal requirement – if a pension scheme doesn’t increase its minimum contribution levels in line with these …

View full answer >>
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Contributions

How will an increase to total minimum contributions work?

In April 2018, the total minimum contribution for automatic enrolment will increase to 5% – it’s the law. And employers …

View full answer >>

What’s the gross tax basis?

This is where contributions are deducted from your employees’ wages before tax is taken. You may see HM Revenue & …

View full answer >>

What’s the net tax basis?

Net tax basis is the default tax relief method with The People’s Pension where contributions are deducted from your employees’ …

View full answer >>

If we’re using postponement can we delay the minimum contribution increase by up to three months?

No, the increase to minimum contributions cannot be delayed. You must pay these increased minimum contributions after 6 April 2018 …

View full answer >>

We’re using salary sacrifice – what happens when the minimum contribution rates increase?

A higher percentage of employees’ salaries will need to be sacrificed to meet the new minimum contribution rates. Your payroll …

View full answer >>

What happens when the contribution rates increase if we’re using contractual enrolment?

If you’re before your staging date you don’t have to meet the automatic enrolment minimum contributions. If you’ve passed your …

View full answer >>

Where can I find more information about the increases to minimum contributions?

You can find more information about the forthcoming increases in minimum contributions on The Pensions Regulator’s website.   Read what …

View full answer >>

Will The People’s Pension inform my employees their contributions will be increasing?

There is no legal requirement or additional duties for you to write to your staff about the increases. When a …

View full answer >>

Can my employees pay below the minimum?

Yes, however it’s up to you to remember to re-enrol these employees for automatic enrolment at your three-year re-enrolment date. …

View full answer >>

What happens if we don’t comply with the contribution increases?

This is a legal requirement – if a pension scheme doesn’t increase its minimum contribution levels in line with these …

View full answer >>
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