Pensions Made Simple
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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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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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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Tax traps and how to transform them
Article written by Matt Coppin, Wealth Management Adviser There are situations in which the UK’s complex tax system leaves employees paying very different percentages of the tax burden. We have highlighted below three common examples: The personal allowance 60% tax trap if you are earning £100,000+ Most people have a tax-free personal allowance of £12,570,...
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Occupational pension
Pensions are a tax-efficient way of saving money for your future self, once you decide to retire and enjoy your time. It’s like an unbreakable piggy bank on your desk, in which you – and your employer – put money in every month to save until it’s time to break it. And until then, this...
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