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how much do I contribute

How much do I contribute?

The amount you must contribute to the pension scheme is determined by the scheme’s rules. However, if you’re using the scheme for automatic enrolment there are minimum contributions you must pay.

The minimum contributions that you must pay into your staff’s pension scheme are shown in the table below – they’re currently a total contribution of 2% with at least 1% employer contribution.

Minimum contributions are being introduced gradually over time. You will usually pay pension scheme contributions either as a fixed amount or based on a percentage of earnings.

auto enrolment table

 

With Certax these will be the only contributions to make, but what if you don’t remain compliant?

Each business has a deadline to start complying with the laws (known as a ‘staging date’) and this date depends on how many people you have on your payroll

  • Fixed fine - if employer doesn't comply, the regulator issues warning and a fine of £400.
  • Daily fine - where the employer continues to break the regulations, there will be a fine for each day, with the penalty increasing until the company complies. Daily amount depends on the number of the employees

 

auto enrolment figures

We manage all your payroll services including auto-enrolment while you manage your business