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ABC Limited Group Personal Pension Plan
I are writing to inform you that there will be some changes affecting all employees who are members of the pension scheme, in both April 2018 and April 2019.
Does this apply to me?
Yes, if you are a member of the scheme and do not currently make personal contributions or do so at a rate of lower than x %.
What are the changes?
With effect from the 6th April 2018, you will be required to make an x % employee contribution from your basis salary. ABC Limited’s contribution will also increase to x % in April 2018.
With effect from the 6th April 2019, minimum contributions will increase again. At this point, you will be required to contribute x % of basic salary, whilst ABC will increase its contribution to x % of basic salary.
What do I need to do now?
You should check the amount that you are currently contributing against the amount shown in the table below. If you are already paying above the increased minimum amounts you do not need to take any further action. If you are not then your contribution will automatically increase and be deducted through the April 2018 payroll.
Where can I get support with this?
If you have any queries regarding these changes, please contact the Human Resources Department or alternatively further guidance can be found on The Pensions Regulator’s website at www.tpr.gov.uk/pca-increase.