From 6th April 2018, the total minimum amount being paid into your workplace pension both by you and Teamworks Karting is increasing from 2% to 5% of your qualifying earnings due to a change in workplace pension regulations. This is a nationwide change, involving millions of people and their employers.
2% of this will be paid by Teamworks, and 3% will be deducted from your payslip.
| Date | The minimum your employer must contribute | The minimum you can contribute | Giving you a total minimum contribution of |
|---|---|---|---|
| Before 5th April 2018 | 1% of your qualifying earnings | 1% of your qualifying earnings | 2% of your qualifying earnings |
| 6th April 2018 to 5th April 2019 | 2% of your qualifying earnings | 3% of your qualifying earnings | 5% of your qualifying earnings |
| 6th April 2019 onwards | 3% of your qualifying earnings | 5% of your qualifying earnings | 8% of your qualifying earnings |
If you are happy with this, you do not need to do anything: Teamworks Karting is required by law to make these additional contributions and deduct them from your payslip.
You are entitled to stop your pension contributions at any time. If you want to stop, you must let us know and you must also contact NOW: Pensions