Pensions
Automatic Enrolment
Automatic enrolment thresholds 2015-16 31 March 2015
The automatic enrolment thresholds and values by pay reference period have been approved by Parliament.
The draft Automatic Enrolment (Earnings Trigger and Qualifying Earnings Band) Order 2015 was laid before Parliament in January by the Department for Work and Pensions.
This draft has since been made as a UK Statutory Instrument: The Automatic Enrolment (Earnings Trigger and Qualifying Earnings Band) Order 2015 No. 468 and approves the proposed thresholds and expected values by pay reference as per the tables below.
2015-2016
Annual threshold
Lower level of qualifying earnings £5,824 Earnings trigger for automatic enrolment £10,000 Upper level of qualifying earnings £42,385
Expected values by pay reference period 2015-2016
1 week Fortnight 4 weeks 1 month 1 quarter Bi-annual
Lower level of qualifying earnings
£112
£224
£448
£486
£1,456
£2,912
Earnings trigger for automatic enrolment
£192
£384
£768
£833
£2,499
£4,998
Upper level of qualifying earnings
£815
£1,631
£3,261
£3,532
£10,597
£21,193
NEST: removal of the annual contribution limit and transfer restrictions 13 April 2015
Draft legislation has been approved to remove the annual contribution limit and the transfer restrictions on NEST from 1 April 2017.
The National Employment Savings Trust (Amendment) Order 2015 has been approved by parliament. The Order:
removes articles so that there is no annual contribution limit for contributions made in each tax year by, or on behalf or in respect of, a member of the Scheme; and makes an amendment to lift the restrictions on transfers of a member’s pension account to another pension scheme.
Previous CIPP News
NEST: removal of the annual contribution limit and transfer restrictions - 27 January 2015
Guidance on automatic enrolment simplifications 14 April 2015
The Pensions Regulator has updated their guidance to reflect the recent automatic enrolment simplifications, effective 1 April 2015
The new regulations cover:
CIPP Policy News Journal
25/04/2016, Page 314 of 453
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