Publication
Essential Corporate News – Week ending 10 January 2025
On 20 December 2024, the Financial Conduct Authority published PS24/17, Enhancing the National Storage Mechanism (NSM).
Auto-enrolment earnings trigger and qualified earnings band remain unchanged
United Kingdom | Publication | February 2024
In a review of auto-enrolment published on February 6, 2024, the Government has confirmed that the auto-enrolment earnings trigger and qualified earnings band will remain frozen for the 2024/25 tax year.
This means the parameters are as follows:
- The earnings trigger remains at £10,000 p.a.
- The lower limit of the qualifying earnings band remains at £6,240 p.a.
- The upper limit of the qualifying earnings band remains at £50,270 p.a.
Under the Pensions (Extension of Automatic Enrolment) Act 2023 there exists a power to remove the lower earnings limit under secondary legislation. The DWP intends to consult on the implementation of these changes but no firm date is given in the review.
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