Swoop Funding has established apartnership with Husky

Swoop Funding has established a partnership with Husky Workplace Pensions, Payroll and Salary Exchange.

Husky works with an employers existing pension scheme and existing payroll or helps an employer choose, set-up and run both pension and payroll. The great thing is, everything comes with Salary Exchange!

Option 1: Husky runs a simple SaaS payment model for employers (payments monthly over 36 months). See pricing.

Option 2: Clients only pay fees when tax savings cover costs—a win-win situation. (*does not include 1-9 employee companies).

Benefits:

All companies pay just a £50 setup fee, no matter their size. For example a company with 100-149 employees, the client saves up to 600% on setup fee. (referral fees don’t apply to the setup fee).
Clients start paying Husky’s fees only after tax savings exceed costs.
For example, if a broker refers a company with 100-149 employees, Swoop can earn a referral fee of £2,030. Calculated as (£846 per month × 12 months at 20%). The reason for charging 20% more in this option is because Husky waits until the savings pay.
Husky is confident that at least 50% of employees will take up Salary Exchange savings.

Introduce a client

Why Husky

Existing Scheme Integration

Husky works with existing pension schemes and existing payroll or helps you choose, set-up and run both pension and payroll, all with Salary Exchange.

Salary Exchange Setup

Implement Salary Exchange (SE) for your pension contributions with full support from Husky. Husky’s automated process simplifies the implementation, providing savings for both employees and the company. If you have pension contributions and don’t have SE you are missing out!

Cost-effective Option for Employers

If you have more than 10 employees, you can have Husky Pension, Payroll and SE and the tax savings pay for it (you just pay a £50 set-up fee).

Lower Cost Pension Plans

Husky provides cheaper pension schemes than others, because Husky has has preferential rates from various pension providers.

Auto-Enrolment Compliance

Husky becomes your pension administrators, reducing compliance liability by auditing the scheme’s compliance at every payroll run. Husky provides ongoing pension support and liaise with the Pensions Regulator on your behalf.

Employee Engagement With App

Help employees engage with their pension through the Huskyapp and make pensions a stand-out employee benefit.

Calculate your savings

See how implementing salary exchange can positively benefit your company and workers.

Husky's journey

Award-winning solution

Here are 7 frequently asked questions

If you have more questions you can always access our knowledge base on this link.

When should new employees be enrolled?

Employers must automatically enrol all new and eligible employees who are:

aged 22 to state pension age
earning over £10,000 a year
Working or ordinarily work in the UK
Not already part of a qualifying workplace pension scheme

Do I need to enrol overseas workers?

For Auto-Enrolment (AE) purposes, an employer only needs to assess and enrol UK workers into a scheme. Therefore, as an employer, you need to assess if a worker is working or ordinarily works in the UK under their contract.

Working in the UK: If a worker works wholly in the UK, then they can be considered to be working in the UK. By working wholly in the UK, The Pensions Regulator means:

the worker’s contract provides for the worker to be based at a location in the UK, and the worker does, in practice, work all the time in the UK, and
there is no simultaneous employment relationship between the worker and an employer outside the UK (e.g. the worker is not someone who has been sent to the UK by an affiliated employer, for example on a secondment.)

Ordinarily working in the UK: Where a worker is not wholly working in the UK (the work they do is also done outside of the UK), it will need to be established if the worker ordinarily works in the UK.

In most cases, workers who fall into this category will be workers who do not have one fixed workplace (for example, they move around in their work). To decide if a worker ordinarily works in the UK, an employer needs to consider:

If the worker is resident in the UK
where the worker begins and ends their work
where the worker's headquarters in
whether they pay NI and or tax in the UK
the currency they are paid in
the worker's contract of employment
seconded workers

More details can be found here.

If you have a worker that should be exempt from AE due to not working in the UK, please enter that into Husky's system so that the worker is not assessed for Auto-Enrolment.

What does Qualifying Earnings mean?

Qualifying earnings is a band of earnings used to calculate pension contributions used by most employers.

Under qualifying earnings, contributions are calculated based on a part of your earnings. In the tax year 2022/23, the lower annual earnings threshold is £6,240 and the upper threshold is £50,270 (these are £520 and £4,189 monthly). That means that the first £6,240 isn’t included, so qualifying earnings can’t be more than £44,030 (£50,270 minus £6,240).

Let's look at Jon as an example:

Jon earns £5,000 a month and contributes 5% into his pension and his employer contributes 3%
His monthly qualifying earnings would be £3,669.00 (£4,189 - £520)
Therefore, his pension contributions will be calculated as 5% of £3,669 and his employer contributions will be calculated as 3% of £3,669

You can find more details on how your pension contributions are calculated by logging into the Husky for Everyone app.

Can Salary Exchange be used with existing pension plans?

Yes, salary exchange can be introduced into an existing plan as well as new plans.

Can a salary exchange agreement be altered?

A salary exchange agreement can normally be altered, for example, if someone opts out of an automatic enrolment scheme with salary exchange.

For any other circumstances, it depends on how the agreement has been set up. It may be necessary to change the terms of a salary sacrifice arrangement where a lifestyle change significantly alters an employee’s financial circumstances.

This may include:

changes to circumstances directly arising as a result of coronavirus (COVID-19)
marriage
divorce
partner becoming redundant or pregnant

What are the benefits of a Salary Exchange scheme?

Employers save on NI contributions while employees can save on tax as well as NI contributions.
Employers can reinvest any NIC savings in their business or their employees’ pension plans.
Employees receive a higher pension contribution or take-home pay, depending on how the arrangement’s set up.
Employees can benefit from a bigger retirement fund, if NIC savings are reinvested back into their plan.

Are there any possible drawbacks to a Salary Exchange scheme?

Lower life cover (employers generally calculate entitlement as a multiple of salary which would be lower)
Lower borrowing available on mortgages (as per life cover the borrowing level is determined by a multiple of a lower salary)
Entitlement to state benefits eg Statutory Maternity Pay and the State Pension may be affected if your salary falls below the level at which you pay National Insurance contributions.
The employee might not be able to revert to their old (pre-sacrifice) salary if personal circumstances change. The employer would have to agree to a further change to the employee's contract of employment.

Those savings can be re-invested into the employee’s workplace pension pot to provide an even better employee benefit and encourage them to join. With Husky, you can also split those savings into specific %s so you can share the savings between the company and the employee.

Will Salary Exchange affect my current entitlement to Tax Credits?

You should speak to your tax credits office before you decide whether to participate in a Salary Exchange Scheme. You must also notify your tax credits office once you have exchanged your salary.

However, in broad terms, as your gross salary reduces (and employer pension contributions are disregarded) your entitlement to tax credits may increase. If you currently make personal contributions to a pension scheme, then you are currently entitled to deduct the gross amount of the pension contribution from your earnings to calculate your tax credits. In this situation, therefore, there should be little or no change to your tax credits entitlement.

How can one leave a salary exchange scheme?

Leaving a salary sacrifice exchange is always an option, and you should be able to do so without penalty if the arrangement isn’t working for you.