WebYou can use salary sacrifice as a way of boosting your pension contributions at no additional cost for yourself. But it can have a knock-on effect on other work benefits and … WebEnhance your organisation’s and employees’ financial wellbeing. Salary sacrifice (or salary exchange) is when an employee agrees to give up the right to a share of their pay. In return, their employer provides them with an additional employee benefit. This arrangement can make workplace pension schemes far more cost-effective.

Pension salary sacrifice: a win, win for employers and employees ...

WebJul 8, 2024 · Under a salary sacrifice scheme, your official salary would reduce by £1,500 (5% of £30,000) to £28,500. Your employer would pay the £1,500 you’ve sacrificed into … WebSalary Sacrifice (sometimes called salary exchange) is a method used by employers to reduce national insurance liability for them and their employees The Benefit of using Salary Sacrifice It saves the employer and the employee money, and it’s legal! What’s it used for Childcare Vouchers (closed to new entrants since October 2024) c shane wilbanks trail

Salary sacrifice pension: Benefits and drawbacks …

WebConfigure Pension Element. The pension element already contains values for the employee and employer contribution percentages. However, you might have employees with more than one pension scheme, and only one pension scheme is subject to salary sacrifice. WebA salary sacrifice workplace pension works in the same way as other employee benefits, such as cycle to work, childcare vouchers, and electric car schemes. An employee … WebFeb 23, 2024 · Do you offer pension salary sacrifice to your employees? With NIC rates increasing this April, there’s now more reason for employers to consider it. ... 130 Wood Street, London, EC2V 6DL [email protected] T +44 (0)20 7556 1200 Read time: 21 … c. shane reese