To work with your payroll provider to ensure that the updated member contribution table will come into effect from 1 April 2024.
To consider communicating the changes to your employees.
You should commence work immediately with your payroll provider about preparations to implement the new table with effect from 1 April 2024.
EPN676 confirmed that the Cabinet Office completed a consultation with member representatives in respect of member contributions from 1 April 2023 and an increase in the lowest salary threshold from £23,101 to £32,001 was implemented.
As part of those consultations it was also agreed that the lowest salary threshold would be increased from 1 April 2024, in line with the September 2023 CPI increase. The member contribution rates and salary thresholds from 1 April 2024 are set out in the table below. Member contribution rates are unchanged.
Table 1 - Employee pension contribution rates for 2024/2025
The figures in brackets show the 2023/24 salary thresholds where a threshold has changed.
Annualised rate of pensionable earnings
Member/Employee contribution rate
The above contribution rates will apply until further notice.
Employer contribution rates from 1 April 2024 were confirmed in EPN698.
If you have a question about the distribution of EPNs or would like to receive them in a different format, please email EPN@MyCSP.co.uk