The final stage of Pension Contributions phasing comes into force from 6th April 2019. From that date all employers in the UK will have to ensure that their pension contributions are in line with the new minimum levels.
As a valuable client of ICB Group we wanted to help you avoid any fines from the Pensions Regulator, or challenges from employees, by sending you this timely reminder and brief checklist of the key actions you need to take.
What do you have to do before April 2019?
Your preparations for the pension contribution increases can be a lengthy process, and would normally need to include:
» Assessing which certification category your employees fall into
» Reviewing current contribution levels and deciding on your future strategy
» Creating employee communications which explain the changes
» Payroll Planning and Implementation
» (Re)consideration of introducing a Salary Exchange Arrangement – a tax efficient way to save national insurance costs on contributions
What happens after April 2019?
Once you have established your new contributions strategy, communicated the changes to your employees and successfully increased your minimum contributions, there are still a couple more things for you to do:
» Manage employee contribution decrease requests (opt downs), if permitted
» Update your Auto Enrolment Certification
» Ensure you are prepared for a Regulator audit
How we can help
We have lots of experience of helping our clients with this process and our Employee Benefits team will be happy to provide you with any advice or assistance you need. For more information, please contact Stewart Neale, Account Director for ICB Financial Services Ltd.
D: 01784 608 125
M: 0755 774 0300
This article has been written by ICB Financial Services Ltd
ICB Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FCA no. 118681)