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Minimum contributions will be changing. What do I need to do?

If you’ve been automatically enrolled into NEST, you and your employer will need to pay minimum contribution rates into your account. These will be based on the frequency that your employer uses to pay your wages and a percentage of your pay.

Your employer may have decided to contribute more than the minimum. Your employer will inform you about this once you’ve been enrolled.

Your minimum contribution rates will be increasing from April 2019. If your employer is using qualifying earnings to calculate contributions, the minimum contribution rates will be:

Date Employer contributions Member contributions Tax relief

October 2012 to 5 April 2018

1 per cent 0.8 per cent 0.2 per cent

6 April 2018 to 5 April 2019

2 per cent 2.4 per cent 0.6 per cent

6 April 2019 onwards

3 per cent 4 per cent 1 per cent

 

From April 2019 your contribution will be increasing from 2.4 per cent to 4 per cent and your employer’s contribution will be increasing from 2 per cent to 3 per cent. Your employer will deduct more from your wages to be in line with the new contribution rates and comply with their legal duties. You don’t need to make any changes to your account as the increased contribution rates will be applied by your employer automatically.

If you don’t wish to contribute according to the increased rates, you can either opt out or choose to stop making contributions through your employer.

To opt out of NEST you first need to check if you’re still within your opt-out period. The opt-out period is for one month and starts three working days from the date you’re enrolled. Please see How do I opt out? for more information.

If your opt-out period is over, you can choose to stop making contributions through your employer. Please see How do I stop contributions? for more information.

Even if you stop making contributions, your retirement pot will be active. You may choose to contribute to your retirement pot separately through your online account. The minimum contribution amount for such payments is £10.

Please see How can I make additional contributions? for more information.

Your employer may choose not to use the above contribution rates and decide to calculate your contributions using a different method. You can speak to your employer to check the method they’ve used to calculate your contributions. Different rates have different contribution amounts and may or may not include tax relief. To find out more about tax relief please see Do I need to claim tax relief myself?

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