In our March employer update, we gave further information about the second phase of changes to member contributions. These changes must be implemented from 1 April 24.
We now know what contribution rate should be applied where employers can not estimate the earnings of bank or locum staff who have no prior pensionable earnings. An employer must apply a contribution rate of 6.5% to the member, based on the new contribution rate tables. The rate was 6.1% before 1 April 24.
Where a bank or locum staff member’s annual earnings can be assessed, the employer will need to allocate the correct contribution rate.
This information will be included in the latest payroll requirements.