Tom Bulbrook BSc Hons DipPFS
- Financial Planner at Kreston Reeves Financial Planning Services Limited
- +44 (0)330 124 1399
- Email Tom[email protected]
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On 15 June 2020, the Pensions Regulator announced changes affecting employers claiming pension contributions through the Coronavirus Job Retention scheme.
All employers currently claiming or considering making a claim through the scheme should ensure they are aware of these notable changes as the first takes effect from 1 July 2020.
From this date, employers can make claims for those employees returning to work from a furlough arrangement on a reduced hour, part-time basis.
However, for claims starting on or after 1 August 2020, employers will no longer be able to claim a grant for up to the statutory minimum automatic enrolment (AE) employer contribution. Instead, employers will need to pay for their own pension contributions and National Insurance contributions for all staff.
Through the scheme, employers will still be able to claim the lower of 80% of staff wages or £2,500 a month, but this will reduce to the lower of 70% or £2,187.50 a month in September and the lower of 60% or £1,875 in October, with the scheme closing on 31 October 2020.
Recognising the many challenges employers are continuing to face The Pensions Regulator have been quick to clarify they will be taking a “proportionate and risk-based approach towards enforcement decisions” whilst working with HM Treasury and the Department for Work and Pensions (DWP).
Further information is contained within our Coronavirus – Workplace pension schemes – What employers need to know.
Contact our Financial Planning team on +44 (0)1227 768231 or provide your details on our online enquiry form if you would like to discuss workplace pension schemes or employers legislative duties further.
The content of this article is for information only and does not constitute formal financial advice.
This material is for general information only and does not constitute investment, tax, legal or other forms of advice.
You should not rely on this information to make, or refrain from making any decisions.
Always obtain independent, professional advice for your own particular situation.
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