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Posted on: 22nd Oct 2024 by: CamOuse Financial Management Limited
Pensioners will be handed an extra 4.1% per annum via the state pension in April 2025, thanks to the 'triple lock'.
The triple lock is a government policy which means that the state pension increases every April in line with whichever is the highest of:
The earnings figure has just been revised upwards following some new employment data released in October which means the final number has moved from 4% to 4.1%.
This is the highest of the three figures and will be used for the state pension from April 2025 assuming nothing else changes. The cost of the extra 0.1% is estimated at £100m.
The triple lock was introduced in 2010 by the coalition government and Rachel Reeves promised to keep it as part of Labour's manifesto. It was suspended once in 22/23 for exceptional circumstances when inflation figures were warped by Covid and furlough influenced earnings figures, so the government temporarily removed the earnings measure from the equation to help with Treasury finances. The triple lock went back the following year to deliver a 10.1% state pension increase.
It has attracted criticism due to the cost to the tax payer, and because other benefits do not enjoy similar 'highest of' protections. Universal Credit, Housing Benefit, Maternity Allowance and Statutory Sick Pay, for example, are usually tied to September's CPI figure alone so an increase of just 1.7% is likely for those benefits.
Assuming it is ratified the state pension will change from:
Sources:
https://www.bbc.co.uk/news/business-53082530
https://www.morningstar.co.uk/uk/news/AN_1728987850427977900/uk-government-faces-extra-gbp100-million-bill-for-state-pension-rise.aspx
https://www.moneysavingexpert.com/news/2024/10/state-pension-benefits-rise-2025/
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Pension arrangements must be available for all employees. There are three categories of employee:
Aged between 22 and State Pension Age (SPA) with qualifying earnings over the Auto Enrolment earnings trigger
Qualifying Earnings lower threshold |
£5,772 |
Qualifying Earnings upper threshold |
£41,865 |
Automatic Enrolment earnings trigger |
£10,000 |
8% of Qualifying Earnings of which |
3% is employer's (starting at 1%) |
9% of Basic Salary of which |
4% is employer's (starting at 2%) |
8% of Basic Salary of which |
3% is employer's (starting at 1%) |
(Where basic salary is at least 85% of total earnings) |
|
7% of gross earnings of which |
3% is employer's (starting at 1%) |
Essentially the frequency that the jobholder is paid e.g. monthly, weekly etc. but with reference to the tax month, week etc. therefore it may not be the same as the payroll period.
It is the employer who is responsible to calculate, deduct and pay all contributions to the AE scheme. NOTE – the first and last contributions are likely to be for less than a full pay reference period and should be adjusted accordingly.
It can be seen that it is very important that the payroll system synchronises with the AE scheme otherwise the employer will not be carrying out all requirements and then penalties will be incurred.
Based on the employer’s payroll size as at 1 April 2012 and can be found at www.thepensionsregulator.gov.uk/employers using your PAYE reference. The Qualifying Workplace Pension Scheme must be registered with The Pensions Regulator within 4 months of the staging date.
Auto-Enrolment can be postponed for up to 3 months:
All eligible employees must be auto-enrolled, but can, with the correct notification, opt-out within one month of joining the scheme and be treated as never having joined. They can opt back in and will automatically be auto-enrolled every 3 years in any case!
There is a wide range of information that must be provided to all employees at certain times, such as:
Contributions can be paid by effectively reducing salary, which saves on NI contributions, but employee must choose to do this – they cannot be forced, so a contractual variation will need to be implemented.
All eligible employees will be automatically invested into a default investment fund, which is a balanced risk fund that is “life styled” to account for the employees approach to retirement. They also have the option to invest in a wide range of funds of their choosing.
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