What are the minimum workplace pension contributions?
Under auto enrolment legislation, the minimum workplace pension contributions are initially 2% of which at least 1% must be paid by the employer. Over time, this increases to a total of 8% of which at least 3% must be paid by the employer. The timetable for these increases to take place is outlined below.
Minimum workplace pension contributions table:
|Date||Employer minimum contribution||Total minimum contribution|
|Before April 5 2018||1%||2%|
|April 6 2018 – April 5 2019||2%||5%|
|April 6 2019 onward||3%||8%|
Employers can contribute more than the minimum and many do. NOW: Pensions offers five different contribution models designed to cater for all requirements from those that want to comply with the legislation at minimum cost to those that want to offer their employees an enhanced benefit.
For further information, visit our Contributions Help Centre Page