Stuart Price, Partner and Actuary at Quantum Advisory, warns employers in South Wales to ensure they are fulfilling their auto enrolment pension obligations…
Stuart said: “Auto enrolment was brought in by the government in 2012 to ensure that workers saved for their retirement and were not reliant solely on the State Pension.
“Employers must set up a pension arrangement and automatically opt in those employees aged over 22 and under State Pension Age, and who earn more than £10,000 a year. Both the employer and employee must then contribute to the pension arrangement. Currently the minimum contributions stand at 1% for both parties, which will rise to 2% from the employer and 3% from the employee in April next year. From April 2019, employers will contribute 3%, while employees will need to contribute 5% of their monthly wage.
Read the full article here