Month

May 2022
state pension vs workplace pension
Yes! You contribute both to the State Pension – if your earnings are above the NI threshold – and your workplace pension, if you’re enrolled in one. They are two completely different pension schemes. The State Pension is provided by the Government and a workplace pension is provided by your employer. You are auto-enrolled in...
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Salary Sacrifice examples
In a Salary Sacrifice scheme (or Salary Exchange), the employee agrees to give up part of their gross salary for a non-cash benefit. This scheme is mostly known to boost employees’ pension pots It has many benefits, for both employees and employers. If you’re an employee, Salary Sacrifice: reduces your Income tax and NICsincreases your...
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Salary Sacrifice/Salary Exchange for pensions
Taxpayers get tax relief on their pension contributions. But tax relief on a Salary Sacrifice scheme works differently compared to a workplace pension. A Salary Sacrifice scheme – or Salary Exchange –  is an agreement between you and your employer to reduce part of your salary for a non-cash benefit. This part of your salary...
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Employer pension contributions
Employers pay into your pension the set minimum contributions required by law, or more if they wish so. This requirement is set by the Government for any workplace pension. Your pension contributions depend on your pension plan’s earnings basis, and are based on:  your qualifying earnings.Or your pensionable earnings. If employers don’t calculate contributions based...
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