Corporate News
Our take on the latest news and events within the corporate world.
May 2020
What Will the New Normal Look Like?
The Covid-19 outbreak has provoked a crisis of such enormous proportions that life won’t immediately return to the way it was before. When some semblance of normality emerges, things will be different – we’re set for huge social, cultural and economic changes. It’s unlikely that we will suddenly wake up in a world where anxieties around…
Maintaining Your Mental Wellbeing During Lockdown
The general uncertainty in these current times heightens our stress and anxiety. Usually, we like to feel in control and make plans for the future but it’s impossible to plan when there are so many unknowns. We’ve never been in this situation before. We don’t know what the new ‘everyday’ will look like so it’s understandable…
Pension Contributions, Furlough and Salary Sacrifice
The existence of the grant available under the Coronavirus Job Retention Scheme does not change an employer’s usual pension contribution payment obligations or processes. When a salary sacrifice agreement is put into place, employment contracts are amended so that employees take a contractual reduction in salary. The employer takes on a contractual obligation to pay…
Amending Existing Salary Sacrifice Arrangements
HMRC has advised that COVID-19 counts as a ‘life event’, meaning that the terms of a salary sacrifice arrangement could be changed, if the relevant employment contract is updated accordingly, with agreement. The pension scheme rules are separate from any salary sacrifice arrangement that is part of a furloughed worker’s contract of employment. The obligation…