1.2 million low earners to see boost in take-home pay

Low earners who save through a Net Pay Arrangement (NPA) pension will get the same level of government top-up as those who use Relief at Source schemes Around 1.2 million low earners will receive top-ups to their take-home pay from 2025 which could be worth hundreds of pounds a year. For NPAs, pension contributions are … Continue reading 1.2 million low earners to see boost in take-home pay

Check your Auto Enrolment Pension scheme

Do you operate a banded pension scheme using qualifying earning? Have you checked that the start and end points meet the requirements in operation for pay reference periods commencing 6th April 2022. Since the introduction of pension AE the qualifying earnings Lower Threshold has matched the National Insurance Lower Earnings Limit (LEL). Often pension schemes would … Continue reading Check your Auto Enrolment Pension scheme

April 2022 – New Tax Year resources

PAYadvice endeavours to keep you as up to date as possible with the latest and developing changes impacting payroll and HR. The latest version 22.9 includes the announcements made at the spring statement 2022 which took place on 23rd March 2022.: The increase to primary threshold from 6th July 2022The increase to the Employment Allowance … Continue reading April 2022 – New Tax Year resources

Pension AE threshold for 2022/2023 frozen

The government have confirmed that the Pension Auto Enrolment thresholds have all been frozen at the April 2021 levels. For the first time the Lower Earnings Threshold (LET) separates from the National Insurance Lower Earnings Limit (LEL) which rises from 6th April 2022. Automatic enrolment: review of the earnings trigger and qualifying earnings band for … Continue reading Pension AE threshold for 2022/2023 frozen

New rules put pension savers’ interests first

Plans to protect small pension pots from being eroded by charges will be introduced in April 2022. Hundreds of thousands of people will benefit from the new rules outlined by the Department for Work and Pensions (DWP) Tuesday 9th November 2021, which will introduce a threshold at which pensions providers will no longer be able … Continue reading New rules put pension savers’ interests first

New figures show The Pension Regulator (TPR) continues to ensure employers are meeting their pension duties

employers warned not to neglect their automatic enrolment responsibilities as use of TPR powers returns to pre-pandemic levels New figures released today show how the overall use of The Pensions Regulator’s automatic enrolment enforcement (AE) powers is back to pre-pandemic levels following necessary measures introduced last spring to support employers through the early months of … Continue reading New figures show The Pension Regulator (TPR) continues to ensure employers are meeting their pension duties

A new way forward for workplace pensions

A new type of pension scheme, with the potential to provide better retirement outcomes and stability, moves a step closer. The new, Collective Defined Contribution (CDC) schemes, will offer savers an income in retirement and also ensure that costs are predictable for employers. They work by both employers and employees contributing to a collective fund, … Continue reading A new way forward for workplace pensions

Nearly 8 out of 10 UK employees (78%) had a workplace pension in April 2020.

Pension Automatic Enrolment (AE) was introduced in October 2012 to require employers to provide and contribute to workplace pensions for eligible employees. Employees are eligible if they earn more than £10,000 a year, are aged between 22 years and State Pension age (SPa) and are not already enrolled in a qualifying workplace pension. The proportion … Continue reading Nearly 8 out of 10 UK employees (78%) had a workplace pension in April 2020.

Pension enforcement activity rises protecting savers

New figures published 18th February 2021 demonstrate how The Pensions Regulator (TPR) is continuing to robustly protect savers. The latest compliance and enforcement bulletin which details enforcement activity carried out between October and December 2020, shows TPR’s use of statutory powers has increased by nearly 50% overall from the previous quarter in line with expectations. … Continue reading Pension enforcement activity rises protecting savers

Pensions: The Automatic Enrolment (Earnings Trigger and Qualifying Earnings Band) Order 2021

The Department for Works and Pension (DWP) have laid the draft regulations for a Pension Automatic Enrolment (AE) thresholds operational for pay reference periods commencing from 6th April 2021. The draft regulation can be found at:- The Automatic Enrolment (Earnings Trigger and Qualifying Earnings Band) Order 2021 And PAYadvice.UK had predicted, there is no change … Continue reading Pensions: The Automatic Enrolment (Earnings Trigger and Qualifying Earnings Band) Order 2021