Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, whether the planned increase to the contributions holiday for SAYE schemes will apply to new SAYE contracts only or also cover pre-existing SAYE contracts.

The government announced at Autumn Budget that it would extend the Save As You Earn (SAYE) contributions holiday from 6 to 12 months for those on maternity and parental leave from 6 April 2018. After receiving representations from the share plan industry, the government is delaying the implementation of this change until 1 September 2018 to allow for software changes and testing.

The government will, from the same date, extend the SAYE contributions holiday to 12 months for all SAYE plans. This change will extend the benefit to all SAYE participants, including those with pre-existing contracts.