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Increased Auto Enrolment Contribution Rate Delayed

Increased Auto Enrolment Contribution Rate Delayed

Leading firm of financial advisers Newby Castleman (Financial Services) Limited is advising employers of changes to Auto Enrolment phasing dates following an announcement by the Department for Work and Pensions (“DWP”).

The DWP has recently announced that the Auto Enrolment contribution rate rises have been delayed until April 2018, six months after the initial projected date of October 2017. A second predicted rise to 3% has also been delayed until April 2019.

Launched in October 2012, Auto Enrolment is part of a Government initiative that aims to help more people save and prepare for their retirement by ensuring that every employee in the UK has the option of contributing into a company pension.

John Freeman, Financial Adviser at Newby Castleman (Financial Services) Limited, said:

“The news that the DWP is delaying the increase in contribution will be good news for employers who will now have longer to factor the rises into their financial planning.

This is an unexpected move from the DWP however as the delay, to some extent, goes against the grain of what Auto Enrolment was specifically designed for and attempting to achieve. The more we contribute now, the better in the long run.

The delay in the increases to April 2018 will now align with the tax year, which may mean contribution levels are reviewed more frequently and could potentially be more likely to be increased longer term.”

Newby Castleman (Financial Services) Limited, based in Leicester, is on hand to provide help and guidance to employers and is helping local small and medium sized businesses get a better understanding of Auto Enrolment this October by hosting a number of seminars at its office on Regent Road in Leicester.

The firm’s hugely popular Auto Enrolment seminars were launched in October 2015 and they plan to run more of them between now and 2018.

John continued,

“Auto Enrolment doesn’t have to be daunting, but every company will be affected by it; whether it employs one person or has hundreds of employees.

Our seminars aim to make all aspects of Auto Enrolment easier to understand for employers and we also have several services to help you meet your legal requirements.” 

To find out more about Newby Castleman (Financial Services) Limited’s Auto Enrolment services, visit the firm’s website at www.newbycastleman.co.uk or email John Freeman at jdf@newbyc.co.uk.

If you would like to find out more about the firm’s upcoming Auto Enrolment seminars, please email Raquel Lesta at ral@newbyc.co.uk.


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