Guy Opperman, Conservative MP for Hexham and Parliamentary Under-Secretary has confirmed the Automatic Enrolment threshold for the 2022-23 tax year will be frozen at the same levels as 2021-22.
In a statement the MP has said,
An objective of this year’s annual review of the AE earnings trigger and qualifying earnings band (the AE thresholds) is the continued stability of the policy. We also want to ensure that our approach continues to encourage individuals to save towards their pensions whilst ensuring affordability. Our approach is designed so that everyone who is automatically enrolled continues to pay contributions on a meaningful proportion of their income. The review has concluded to freeze all AE thresholds for 2022/23 at 2021/22 levels. This is consistent with our ambitions to build a stronger, more inclusive savings culture. The Government is considering what more can be done to enable people to have greater financial security in retirement.
The full statement can be read here.
The 2022-23 Threshold
|Annual||1 week||Fortnight||4 weeks||1 month||1 quarter||Bi-annual|
|Lower level of qualifying earnings||£6,240||£120||£240||£480||£520||£1,560||£3,120|
|Earnings trigger for automatic enrolment||£10,000||£192||£384||£768||£833||£2,499||£4,998|
|Upper level of qualifying earnings||£50,270||£967||£1,934||£3,867||£4,189||£12,568||£25,135|