13 September 2012
The Department of Work and Pensions have published a consultation document on updating the auto enrolment thresholds for the 2013/2014 tax year.
The DWP continues to work with three principles that were identified as part of the previous year deliberation: i) bringing the right people into scope, ii) finding the right minimum level of saving and iii) balancing costs and benefits for individuals and employers.
The DWP’s provisional proposal updates the threshold levels and, for operational payroll simplicity, aligns these with existing tax and National Insurance thresholds.
|Earnings Trigger||£8,105||£9,205||PAYE Tax Threshold|
|Lower Qualifying Earnings||£5,564||c £5,720||NIC Lower Earnings|
|Upper Qualifying Earnings||£42,475||£41,450||NIC Upper Earnings|
The DWP consultation document can be found here. The consultation closes on 17 October 2012.
Over to You:
- If you found this content useful, please feel free to share it using the buttons at the bottom of the webpage
- If you’d like to be kept in touch with my writings as they are published, please subscribe to my Mailing List
- If you think I might be able to help your business with your pensions related challenges – please email or call me
Author: Martin Veasey
© www.veaseyassociates.co.uk 2011 – 2019