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.
Timing
You should commence work immediately with your payroll provider about preparations to implement the new table with effect from 1 April 2024.
Detail
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
From
To
£0
£34,199 (£32,000)
4.60%
£34,200 (£32,001)
£56,000
5.45%
£56,001
£150,000
7.35%
£150,001
-
8.05%
The above contribution rates will apply until further notice.
Employer contribution rates from 1 April 2024 were confirmed in EPN698.
Contacts
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
You can find electronic copies of the Employer Pension Guide, all current EPNs and forms in the Employer section of the Civil Service Pensions website at www.civilservicepensionscheme.org.uk
This notice is for employers only and should not be issued to scheme members.
