This is a trade facing website. Visit the ACTís consumer site thecyclingexperts.co.uk for information and advice on cycling and find your local independent cycle retailer.
The Association of Cycle Traders
This is a trade facing website.
Visit the ACTís consumer site at thecyclingexperts.co.uk.

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6 Mar 2019

Organisation total minimum contributions to be paid into staff pension schemes increase on 6th April 2019

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1 Mar 2019

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28 Feb 2019

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27 Feb 2019

Forget the noise of the High Street, reinvent the noise on the High Street

27 Feb 2019

Local Bike Shop Day - 4th May 2019 - is the one day a year when independent bike shops across the UK come together to celebrate their unique culture

27 Feb 2019

The minimum workplace pension contributions will soon be increasing

Are you ready?

Posted on in Business News , Cycles News

pension scheme Minimum workplace pension contributions to increase. 

On the 6th of April 2019, the total minimum contributions your organisation must pay into its staff workplace pension schemes increases.

In order to comply with the law and ensure that your staff receive the pension payments they are entitled to, you need to prepare for this guaranteeing that your organisation is set up to pay the correct amounts into your staff pension schemes.

From the 6th of April, the total minimum contribution, including employer and employee payments, must be no less than 8% of qualifying earnings.

Your organisation must pay a minimum of 3% with staff making up the rest of the 8%. An organisation can choose to pay more than the required 3% minimum.

Current rates stand at:

  • 5% total minimum contribution
  • 2% employer minimum contribution
  • Up to 3% paid by an employee

Make sure to check that your systems are ready for the changes as of the 6th of April and make your staff aware.

Find out more about the increase to the workplace pension scheme here.

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