What pension contributions should i make

Contributions and funding. Back to top. If you fail to contribute to your staff pension scheme correctly or on time you risk being fined by TPR. There are specific records and payment information you must keep. When you must pay your contributions You need to pay your contributions to your staff pension scheme on time.

Find out how to set up your scheme correctly and understand what contributions you and your staff have to pay and when they must be paid by. Keeping payment information and records Incorrect or out-of-date information is the main cause of payment failure and disputes between an employer and their scheme provider or trustees.

Records you should keep include: staff gross earnings staff and employer pension scheme contributions due to be paid and if different the actual amounts paid You need to keep information on contributions and membership up to date and communicate any changes to your pension scheme provider or trustees. Pension fund limits There are limits to the amount which can be held in a pension fund and the amount that can be contributed to it each year for a member without the imposition of certain tax charges.

Defined benefit funding If you run a defined benefit DB scheme, you need to be aware that most schemes providing any defined benefits need to meet a statutory funding objective, which assesses the required levels of funding for a scheme. Detailed guidance Our detailed guidance is aimed at professional advisers and employers with in-house professionals.

Keeping records Records that must be kept by law under the automatic enrolment employer duties. Is this page useful? Problems with this page?

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Mental health in retirement What is a target date fund? Deciding how much to save into your pension. Get started. But this may:. If you do this, you give up part of your salary and your employer pays this straight into your pension. In some cases, this will mean you and your employer pay less tax and National Insurance. You might be able to increase the amount you get if you delay your pension. For advice about increasing your workplace or private pension, speak to a financial adviser.

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