Low earners in net-pay schemes will lose out on more pensions tax relief as the gap between auto-enrolment (AE) qualifying earnings and the personal tax allowance widens.
Under plans announced by the Department for Work and Pensions (DWP) today (4 December), the lower earnings limit for AE is set to rise by £104 per year to £6,136 from April next year. Pensions and financial inclusion minister Guy Opperman also confirmed that the upper earnings limit will rise from £46,350 to £50,000, while the £10,000 qualifying trigger is unchanged. As the Treasury confirmed in its budget on 29 October, the personal tax allowance will rise from £11,850 to £12,500, while at the same time, savers in net-pay schemes who earn less than the allowance will see additional c...
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