I am pleased to be able to let you know that I have today [26th January 2023] announced the outcome of the review of the Automatic Enrolment Earnings Trigger and Qualifying Earnings Band for 2023/24.
The thresholds will be maintained at their 2022/23 values:
- The automatic enrolment earnings trigger will remain at £10,000;
- The lower earnings limit of the qualifying earnings band will remain at £6,240;
and - The upper earnings limit of the qualifying earnings band will remain at £50,270.
The analysis supporting this decision is available on the http://www.gov.uk website.
I am grateful to the payroll community for the role that they play in the continuing success of automatic enrolment, which is transforming the retirement prospects for millions of workers.
Employer Workplace Pension Schemes
The government set statutory minimum standards for employer workplace pensions. The obligations to comply with these legal requirements lay with the employer and their professional pension advisers.
It is essential that the employer reviews any adjustment with their professional advisers and notify SD Worx of any changes to their scheme.
Employers and their pension advisers must ensure that their payroll configuration parameters are appropriately updated with the latest scheme rules and details such as the next tri-ennial enrollment date choice.