Autumn statement – Auto enrolment
George Osborne recently announced that the planned auto enrolment increase in the statutory minimum pension contribution that employers have to give their staff has been delayed by six months. The increase to 2% was planned for Oct 2017 but moving this to April 2018 aligns this with the tax year whilst also saving the government hundreds of millions of pounds.
This has mixed views. Whilst this might be seen as detrimental to the success of auto enrolment, and symptomatic of the government taking a short term view, it is welcomed by
employers and will simplify the administration.
State pension was increased to £119.30 per week, with a new flat rate pension being set at £155.65. This is said to the biggest increase in real terms for 15 years!
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