The Department for Work and Pensions has confirmed the thresholds for pensions automatic enrolment for 2017/18.
The main qualifying threshold or ‘trigger’ for employees to be automatically enrolled will be maintained at £10,000 per annum. The lower limit of the qualifying earning band will be £5,876 and the upper limit £45,000.
The written statement also includes:
‘Automatic enrolment has been a great success to date with almost 7 million people enrolled by more than 293,000 employers. It will give around 11 million people the opportunity to save into a workplace pension and we expect this to lead to around 10 million people newly saving or saving more by 2018, generating around £17 billion a year more in workplace pension saving by 2019/20.’
With over a million micro (1 - 4 employees) and small (5 - 49 employees) employers reaching their staging date for auto enrolment in the last quarter of 2016/17 and throughout 2017/18 it is important to ensure employers comply with their obligations. The Pensions Regulator has confirmed the exceptions which apply to employers which can be found on their website (see the TPR link below).
Please contact us if you would like help with auto enrolment compliance or to determine whether or not your business is exempt from auto enrolment.
Internet links: Parliament written statement TPR exemptions
Tags: Private Client
