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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Following our decision to appoint Ernest Grant to look after our pension needs (back in 2011) the process of communication and implementation to date has been efficient, effective and very well received. We have been particularly impressed with their commitment to face-to-face advice. Many of our staff not only received their initial meeting but have met with their adviser from Ernest Grant on a regular basis to receive advice on their existing pensions which has been welcomed throughout.
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.
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.
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.