The investments into your existing (qualifying) pension scheme, or new separate auto-enrolment pension scheme, will be governed by a minimum contribution rate.
This is to be known as the Full Qualifying Rate (FQR). This “FQR” is set at 8% of the Band Earnings between £5,876 and £45,000. The Employer must pay at least 3%, the balance being paid by the Worker and HMRC tax relief.
See the table below for a summary table of contribution rates.
The FQR of minimum contributions will be reached in stages, the dates for compliance also being shown below in the table.
|To April 2018||To April 2019||From April 2019|