7 Mar 2018
AE Scheme contribution increases
As of April 2018, the minimum contribution rate for the AE Scheme is set to increase: you will pay 3% of your earnings and the Company will pay 2%. These rates are set by the Government and will increase again in 2019, helping you save more for the future.
Contributions are based on earnings (not just basic pay) between £6,032 and £46,350 for the 2018/19 tax year, so this will include things like overtime, bonuses and Statutory Sick/Maternity/Paternity Pay. Here’s a table showing how the rates are changing this year and next:
| Effective date | Your contribution | Our contribution | Total contribution |
Current
| 1% | 1% | 2% |
April 2018
| 3% | 2% | 5% |
April 2019
| 5% | 3% | 8% |
| | | | |
There is lots of information about the AE Scheme on our pensions website.We have also prepared a factsheet that answers some of the questions you may have about the contributions increase.
You can also visit the
Pensions Advisory Service or call them on 0300 123 1047 (9am to 5pm, Monday to Friday).