Saving money where possible can optimise your benefits spend
Salary Sacrifice/Exchange works by exchanging part of an employee’s remuneration from cash, on which PAYE tax and NICs are due, to non-cash benefits that are wholly or partially exempt from tax and NICs.
It is becoming increasingly common for employees to make pension contributions by way of salary sacrifice, with some employers deciding to use some or all of the savings made to increase employer contribution levels, as an added incentive.
The benefits of salary sacrifice can apply to;
It is also becoming common place for employees to make their pension contributions by way of a Salary Exchange, as this can increase the amount paid in, whilst reducing the cost to an employer or a mixture of the two.
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I first had involvement with the team when my colleague (Company Financial Director) decided to change our company Pension / Financial Advisers in 2005. I met with an adviser and at the time and as I was retiring in 12 months I had some concerns about a new company and what advice I would receive. The adviser was able to explain what he and his associates thought would be the most beneficial. I am delighted that they have now started up there own organisation Ernest Grant and look forward to a long and prosperous relationship with the team.
Often referred to as ‘core’ benefits, if you the employer pay for it then it’s our aim to ensure you get a return on your investment through increased staff awareness and appreciation.
Many employers don’t know it but the benefits they already provide have voluntary options, which are either locked-down or unused. Utilising these options can transform a benefits package.
Looking after your employee’s health and wellbeing enables employers to reward and motivate their staff, and can also help an employer to meet their duty of care.