Just when you think there cannot be anymore paperwork left to complete, along comes another change to pension contributions. Hopefully, you should already have made the necessary changes from the start of April. That was the date when employer contributions to workplace pensions rose to a minimum of three per cent. Making the increase should be straight forward enough but there are a number of things to bear in mind. For one thing, if you self-certify your workplace scheme you will have different minimum contribution increases, depending on how pensionable pay is calculated.
Notice anything different in your pay packet this month? The more keen-eyed of you should have seen an increase in your own contribution to your workplace pension. The new rate came in in April and means that employees must pay a minimum of five per cent under auto-enrolment rules. If you are really on the ball you will remember that the same contribution increased from one per cent to three per cent this time last year. In some respects, this is good news.