Pension Salary Exchange
Now more than ever every penny counts for both businesses and employees, so could this be the right time to consider salary exchange. This means employees agree to give up part of their cash remuneration in return for some other non-cash benefit, such as extra company contributions to their pension plan. By exchanging salary for pension, employers and employees can save tax on contributions. Simply put, it’s win win!
Businesses decide on the best option for them and let G+E do the rest.
We can help you to:
- Properly communicate the introduction of Pension Salary Exchange to your staff.
- Create bespoke calculations and contractual changes letters for each employee to identify their PSE savings and enable them to opt-in.
- Ensure your payroll system is ready for the change.
- Provide ongoing support where needed, including annual renewal calculations for your staff.
Salary exchange isn’t right for every business or pension scheme and certain employees, such as those on minimum wage, are unable to participate in a salary exchange arrangement. Our team of pension and tax experts can work with you to identify possible savings and any implications on your existing structures.
If you are interested in knowing more about this service and how it can benefit your business please contact: Richard Whitelock, firstname.lastname@example.org or call 01904 464151
We would be happy to review your position and provide you with a no obligation fee quote.