Make your staff aware
Posted on in Business News , Cycles News
The government introduced a scheme back in 2012 to help employees get the retirement they wanted through automatic enrolment.
In the last 7 years, millions of employees and their employers have begun saving into a workplace pension.
The next step within this scheme is to increase the minimum contributions paid by employers and employees.
This increase will help towards building your / your employees' pensions for the future.
Did you know?
- Saving into a workplace pension is a simple and easy way to ensure your future and achieve the retirement you want
- The earlier you start saving, the more time your savings have to grow
- The workplace pension scheme allows you to save as much as you want, including more than the minimum if you wish
- The money will remain yours, including all contributions made by your employer (even when you change jobs)
- Once you retire you are able to choose how to use your pension savings
From the 6th of April 2019 the minimum workplace pension contributions will be increasing, with employers paying a minimum of 3% and employees contributing a minimum of 5% from a portion of your earnings*, making a total of 8% paid into your retirement savings.
To find out more about the benefits click here.
*The law requires that, as a minimum, your contributions will be based on your earnings between £6,032 and £46,350. To find out what proportion of your salary your pension contributions are calculated on, check the information provided when you were enrolled.
