The
Pensions Regulator (TPR) is to write to all small and micro businesses in the
coming months as part of a new campaign to give them key information on auto
enrolment, including when the duties affect their businesses.
In
addition the auto enrolment qualifying earnings bands and earning thresholds
have been announced for 2015/16. These thresholds are relevant to employers
complying with their automatic enrolment obligations to enrol and then make
pension contributions for eligible employees. Employers must meet their
obligations from their staging date which can be found by using TPR Website tool.
The
revisions in the limits take effect from 6 April 2015 and follow the
recommendations from consultation with interested parties.
TPR
proposes to revise the limits to the following amounts:
•
£5,824 for the lower
limit of the qualifying earnings band
•
£42,385 for the upper
limit of the qualifying earnings band
These
limits are used by employers to calculate how much pension contributions are
due where band earnings are the basis of calculation.
The
amount someone must earn to be automatically enrolled into a workplace pension
(the earnings trigger) will remain at £10,000 per annum instead of being
aligned with the personal allowance as it has been for previous years following
concerns that low paid workers will miss out on pension contributions.
If
you would like help with auto enrolment please do get in touch by calling 01932 830664 or emailing us at wwfs@wardwilliams.co.uk. Alternatively you can visit our website www.wardwilliamsfs.co.uk
Internet
links: Gov
Press release
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