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On 6th April 2018, total minimum auto-enrolment contributions will rise from 2% to 5% of banded1 earnings. At the moment, minimum contributions are set at 2% of banded earnings with employees paying 1% and 1% coming from their employer. Next month employees will start to contribute 3% of their banded earnings, with employers putting in 2%. |
Alistair McQueen, Head of Savings and Retirement at Aviva, said: “Employees and employers need to know that increases in workplace pension contribution levels are coming and understand why it is happening. If they don’t, this could lead to a surprise in their April pay packet when employees see their pension contribution has trebled. “There are a number of benefits to paying into a workplace pension, including the contribution from the employer and the top up from the government in the form of tax relief. It means someone on the average UK salary could add £840 to their savings pot across 2018, up from £600 in 20172. It’s important to remember this as contributions increase.
““If an individual chooses not to save, they are also choosing not to take these extra boosts from the government and their employer. Contribution changes, for average earner at minimum level of contributions
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