From 6 April, there will be an increase in the contributions that some Industry-Wide Defined Contribution (IWDC) Section members – and their employers – need to make each month.
This change is likely to only affect members of the IWDC Section whose contributions are currently below the new minimum.
For example, for contributions based on qualifying earnings, the minimum total contribution rate will be 8% of these earnings from 6 April 2019, of which your employer must contribute at a rate of at least 3%.
Your employer should let you know if your contributions will be changing – and by how much if you are affected by this change.
If you’re unsure which Section you are in, log into your myRPS account to check – or register for an account.