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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payroll for small businesses
Every business with employees handles payroll, some outsource this task and some manage it internally. Payroll is often offered as part of accounting and bookkeeping packages, but Husky focuses solely on payroll and pension. Payroll is not a simple task but a process that involves keeping track of working hours, calculating employee payments and paying...
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defined contributions
A defined contribution pension is a type of private pension used in a workplace pension or a personal one. Private pensions can be defined benefit or defined contribution pension plans. The amount an employee will get on their retirement in a defined benefit pension is based on their salary whereas the pension income one gets...
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There are important changes coming up in the next tax year, starting on the 6th of April 2022.  National Insurance thresholds are changing.National Insurance rates are increasing. The National Minimum wage is increasing.  We’ll discuss these changes further down as they are relevant to payroll and workplace pensions. National Insurance changes After the 6th of April...
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benefits of salary sacrifice
Salary Sacrifice or Salary Exchange is an arrangement between the employer and the employee, where the employee agrees to give up a portion of their salary for a non-cash benefit. A non-cash benefit could include an electric car, a bike, employer-provided childcare among other benefits. Most people sacrifice their salary for pension contributions. The portion...
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auto enrolment - the basics for employees
Having a retirement plan in place before the time comes is wise for your peace of mind. To do that, you need to know exactly what you’re entitled to in terms of pension money. To begin with, there are three types of pensions: State PensionWorkplace pensionPersonal pension. As of 2022/23, the State Pension will be...
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defined benefit pension
It is important that people are aware of the type of workplace pension pot they’re saving in because a defined contribution pension scheme is different to a defined benefit one. A defined benefit pension guarantees a stable retirement income for life and it’s based on: the employee’s final salary or an average salary throughout their...
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