Pension auto-enrolment update
The pension auto-enrolment thresholds for 2017/18 have increased in line with national insurance contributions, although the auto-enrolment level itself is unchanged.You can choose to opt in
Staff with annual earnings between £5,876 and £10,000 are not auto-enrolled, but can choose to opt in. Where annual earnings are over £10,000, staff aged between 22 and state pension age must be auto-enrolled into a pension scheme – with staff outside of this age range able to opt in. For auto-enrolled staff and staff who have opted in, pension contributions must be paid on annual earnings between £5,876 and the upper level of £45,000.Annual | Monthly | Weekly | |
Right to opt in | £5,876 | £490 | £113 |
Auto-enrolment | £10,000 | £833 | £192 |
Upper level | £45,000 | £3,750 | £866 |
To discuss this article in more detail, or to discuss any wider tax planning, please talk to us. T: 020 7376 9333 E: info@figurit.com