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 commonplace 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 employers.
‘The Financial Conduct Authority does not regulate Employee Benefit Services.’
Talk to us about how we can help you, speak with or meet an adviser. Get in touch.
In many cases, your existing benefits will 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.
Our take on the latest news and events within the corporate world.
By accepting our terms and conditions, you permit Ernest Grant Ltd to securely store your details. We don't share personal data with third parties, it will solely be used for marketing purposes. To unsubscribe at any time, email firstname.lastname@example.org