In the Autumn Statement George Osborne announced that the Government will delay the next two scheduled increases in automatic enrolment minimum contribution rates by 6 months each. The rationale behind this change is to align the changes with the start of the tax year. The revised timescale is:
| Employer | Employee | |
| Currently | 1% | 1% |
| From 6 April 2018 | 2% | 3% |
| From 6 April 2019 | 3% | 5% |
Richard Porter, a member of our Visionary Wealth Management team said: ‘The auto enrolment changes are not significant, albeit they save the Government £840m in tax relief, but are the first to be made to the Government’s workplace pensions timetable since the auto enrolment roll out started three years ago, and perhaps open the door for further delays in the future.’
Richard Porter is part of the Visionary Wealth Management team based in St Albans. If you require any auto enrolment & workplace pensions advice please contact us on 01727 730550 or visit our auto enrolment site at www.startautoenrolment.co.uk
"The Financial Conduct Authority does not regulate some elements of Automatic Enrolment."