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How much will have to be paid into the qualifying scheme?

The minimum contributions required by you and your individual employees, will be phased:

  • From 1 October 2012 – 30 September 2017, the total yearly contribution will be set at 2% of qualifying earnings, with you having to contribute at least 1%.
  • From 1 October 2017 – 30 September 2018 this will increase to a total pension contribution of 5% with you having to contribute at least 2%.
  • From 1 October 2018 onwards, the total minimum contribution will be 8% with you having to contribute at least 3%.

The difference between what you must pay and the total minimum contribution is made up by the employee, plus some tax relief from the Government.

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With the introduction of workplace pensions already underway for a number of larger businesses in the UK, it’s important that you act now and start preparing – there’s a lot that can be put in place earlier.

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