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Pensions auto-enrolment

5th February 2017

Pensions auto-enrolment

The Department for Work and Pensions has confirmed the thresholds for pensions automatic enrolment for 2017/18.

The main qualifying threshold or 'trigger' for employees to be automatically enrolled will be maintained at £10,000 per annum. The lower limit of the qualifying earning band and will be £5,876 and the upper limit £45,000.

The written statement also includes:

'Automatic enrolment has been a great success to date with almost 7 million people enrolled by more than 293,000 employers. It will give around 11 million people the opportunity to save into a workplace pension and we expect this to lead to around 10 million people newly saving or saving more by 2018, generating around £17 billion a year more in workplace pension saving by 2019/20.'

With over a million micro (1 - 4 employees) and small (5 - 49 employees) employers reaching their staging date for auto-enrolment in the last quarter of 2016/17 and throughout 2017/18 it is important to ensure employers comply with their obligations. The Pensions Regulator has confirmed the exceptions which apply to employers which can be found on their website.

Please contact Wise & Co if you need help with auto-enrolment compliance or to determine whether or not your business is exempt from auto-enrolment.

CLIENTS WORDS

Stephen Morgan helped us enormously in the early days of the business and he remains our main contact to this day. The team are always approachable and certainly know their stuff. We would recommend them highly.
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