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Pension Planning

 21st Sep 2017

Over the course of the next two years, by law minimum pension contributions will increase. As the director, it is your responsibility to ensure that these increases are put into place.

The amount each person pays to their pension scheme varies according to the scheme you are enrolled in and the terms of that scheme. This information can be accessed via your pension provider or by documents sent to you when you established your chosen scheme. The majority of employers use pension schemes that presently require a total minimum of 2% contribution to be paid. This is set to increase to 5% from 6th April 2018 and then to 8% from 6th April 2019 forwards.

The increase in minimum pension contributions applies to all employers with staff in a pension scheme for automatic enrolment. This applies to you whether you set up a pension scheme for automatic enrolment or you decided to use an existing scheme.

At MSP, we have a great Payroll team who can assist you with your pension administration and make life a little easier. For further assistance please contact our Head of Payroll Kate Furley on 01252 733683 or at katef@mspsecretaries.co.uk

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News Archive : Pension Planning
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Lawrence Phillips Regional Senior Partner, For and on behalf of Blake Morgan LLP
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