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Home » News & Insights » Letter Template Informing Staff Of Minimum Contribution Increases April -19

Letter Template Informing Staff Of Minimum Contribution Increases April -19

Posted on 27th March 2019

[Insert date]

Minimum workplace pension contributions will soon be increasing

Dear [Insert name]

The government introduced automatic enrolment in 2012 to help employees like you get the retirement they want. Since then, millions of employees, and their employers, have begun saving into a workplace pension. The next step is for the minimum amount paid towards your workplace pension – by us (your employer) and by you – to increase. This will help towards building your pension pot for your future.

Did you know that:

  • Saving into a workplace pension is a simple and easy way to help ensure you get the kind of retirement that you want
  • The earlier you begin saving, the more time your savings have to grow. You can also choose to save more than the minimum if you wish
  • The money will remain yours, including the contributions made by your employer, even if you change jobs
  • When you retire, you will be able to choose how to use your pension savings
  • From 6 April 2019, we will contribute a minimum of 3%, and you will contribute 5% from a portion of your earnings*, making a total of 8% paid into your retirement savings

Yours sincerely,

[Employer sign off]

To get to know the benefits, and find out more about saving into a workplace pension visit www.workplacepensions.gov.uk/employee

*The law requires that, as a minimum, your contributions will be based on your earnings between £6,032 and £46,350. To find out what proportion of your salary your pension contributions are calculated on, check the information provided when you were enrolled.

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Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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