When do age-banded contributions increase?

Contribution rates for members and employers may change for various reasons. This could be either for all of your employees or for an individual. Where the change in contribution rate is enforced by TPT, for example, in respect of a scheme valuation, we will write to you allowing time for you to consult with your employees. This will also ensure that you have time to update your payroll systems with the new contribution rates.

Alternatively, when you selected the contribution rates for your employees, you may have chosen for them to pay age-banded contributions. This means that the employee rate for the respective members will be increased on 1 April following their 30th or 40th birthday. It is important that you have internal systems in place to identify these members and deduct the correct contributions from your employees.

If your employee is in a Defined Contribution (DC) scheme, you may have chosen to offer them a range of contribution rates. These members may then choose to change their individual contribution rate within the range allowed. To make the change, the member should log in to their Retirement Saving Account and change their contribution rate online.  

Any changes that are made by your employees will then be listed in the 'Payroll Centre' section of your HR data application.

We will automatically update our systems with the new rates at the time of changes and our eBusiness system will notify you when you upload your contributions file if the contributions made are different to those we expected. This will allow you to check the contributions paid against our records.

If you believe our records are incorrect, please contact the Employer Support Team soon as possible on 0113 394 2770 or at employersupport@tpt.org.uk.