Salary sacrifice guide

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1 Salary sacrifice guide I'm dreaming of travelling the world Arriva Workplace Pension Plan

2 This guide has been introduced to help you understand how salary sacrifice works in the Arriva Workplace Pension Plan so you can make decisions that are right for you and your future. 2

3 Contents Welcome 4 Salary sacrifice at a glance What s in it for me? 7 Frequently asked questions How salary sacrifice works 8 Leaving salary sacrifice 9 Pay and salary sacrifice 10 State pension and salary sacrifice 13 Sources of more information 14 Jargon Buster Jargon Buster 15 Laws and tax rules may change in the future. The information in this guide is based on our understanding in March Your personal circumstances also have an impact on tax treatment. Laws and tax rules may change in the future. The information in this guide is based on our understanding in April Your personal circumstances also have an impact on tax treatment. 3

4 Welcome From May 2013, Arriva is required by law to enrol all UK employees into a pension plan. Arriva have set up the Arriva Workplace Pension Plan (the plan), to meet this new legislation and help its employees who want to save for their life after work. Arriva has also set up a Salary sacrifice arrangement for the plan, as it is a cost effective way of making contributions while reducing National Insurance (NI) contributions. This booklet provides you with more information in relation to how salary sacrifice operates for the plan and will help you to decide if salary sacrifice is for you. Most plan members will automatically participate in salary sacrifice, although you can choose not to. If the business you work for in the Arriva group has requested that their employees are not automatically included in the salary sacrifice arrangement, you will need to choose whether you wish to use salary sacrifice. When you were sent information about joining the plan, you should have been told whether or not you were being put into salary sacrifice. If in doubt, please speak to your local payroll section. Participation in salary sacrifice will have no impact on your membership of the plan or the amount of contributions that go into your plan, but if you do not take part, you will not benefit from the National Insurance savings if you do not take part in salary sacrifice. 4

5 5

6 Salary sacrifice at a glance By choosing to use salary sacrifice, you can increase your net pay by reducing the National Insurance you are required to pay. Under salary sacrifice your gross pay is reduced by an amount which is equal to your pension contributions which, in turn, reduces the amount of National Insurance you pay. In addition, you don t make any pension contributions any more but your employer agrees to make additional pension contributions on your behalf (equal to the pension contributions you would have made in the absence of salary sacrifice). This means you pay less National Insurance but the amount going into your plan remains the same. If you choose not to use salary sacrifice for pension plan contributions, you will not be able to benefit from the reduction in National Insurance associated with salary sacrifice. Here s how it works: 1. You agree to reduce your salary by an amount equal to the gross pension contributions you would normally make. 2. You no longer make these pension contributions. 3. In exchange, Arriva increases its contributions into your pension by an equal amount. 4. The same total amount is paid into your pension. With salary sacrifice, you'll save on National Insurance contributions and reduce the amount of your earnings that are subject to income tax. You will effectively receive all the tax relief you are entitled to automatically, meaning you will not need to include in your annual tax return. What does this mean? 1. The total amount paid into the plan is the same as if you did not join in Salary sacrifice; 2. As your salary has been reduced in exchange for Arriva making the contribution into the plan for you, the amount of NI you pay is reduced; 3. In turn, your net pay increases by an amount equal to the reduction in NI. 6

7 What s in it for me? Salary sacrifice is commonly used in other UK businesses as a way of reducing National Insurance contributions. As an employee, you can benefit in a number of ways: Your net pay will increase as you will save National Insurance; and Higher-rate and additional-rate taxpayers will effectively receive tax relief at their highest marginal rate automatically through payroll you will no longer need to write to HM Revenue and Customs (HMRC) to gain this additional relief. The table below illustrates the typical annual savings you may make if you take part in salary sacrifice. They give an indication of the savings for an employee earning between 10,000 and 50,000 each year, and contributing 1%, 3% or 5% to the plan. Salary 1% pen. NI Saving 3% pen. NI Saving 5% pen. NI Saving 10, , , , , , , These figures are based on 2016/17 National Insurance rates. Things you need to be aware of The new single tier pension of is now in for everyone who reaches state pension age after 5 April However, like the previous state pension the amount you will actually receive is dependent on your national insurance record. It s important to remember that salary sacrifice might not be right for everyone and you can choose not to use it if you so wish. Salary sacrifice is a change to your terms and conditions of employment and we therefore recommend you read the frequently asked questions to consider the impact it may have on your individual position and state/company benefits you receive. If you re still not sure whether salary sacrifice is right for you, we recommend that you contact an independent financial advisor for guidance. 7

8 Frequently asked questions How salary sacrifice works 1. What is salary sacrifice? Who can take part in salary sacrifice? Subject to certain conditions, salary sacrifice is available to all employees who are members of the plan. This includes employees who are enrolled into the plan automatically and certain employees who choose to join the plan. If you are not a member of the plan or are not required to make contributions to the plan, you will not take part in salary sacrifice. To be able to take part in salary sacrifice, you must earn more than: The Lower Earnings Limit (LEL) for National Insurance purposes ( 5,824 for 2016/17); and National Minimum Wage (NMW) (currently 7.20 for those aged 25 and over). If you earn less than 5,824 per year or 7.20 per hour, you are unable to take part in salary sacrifice. 2. How do I join Salary sacrifice? When you join the plan, you will be advised whether or not you are in salary sacrifice. The majority of employees will automatically take part in salary sacrifice when they join the plan. However, if you do not wish for contributions into the plan to be made in this way, you should contact your local payroll section who will send you a form to complete to opt out. A small number of Arriva businesses in the Arriva group have decided that their employees will be required to state whether they want to take part in salary sacrifice. If you are employed by one of those businesses and you wish to join salary sacrifice, you will need to complete a salary sacrifice election form. Your local payroll section can provide the relevant form to you. 3. Why is my National Insurance reduced, but not the income tax I pay? Your pension contributions already attract income tax relief so salary sacrifice does not affect the overall income tax you pay. However if you are a higher or additional tax payer, under salary sacrifice, you will no longer need to contact HM Revenues and Customs to recover the additional tax relief you are due as this will effectively be provided through payroll. This means that you effectively receive all your tax relief automatically once you join salary sacrifice. 4. Can I increase the contributions going into my plan under salary sacrifice? Yes, you can choose for more to be paid into your pension plan. If you would like extra contributions to be made through salary sacrifice to further save National Insurance, then you can do so. These are known as Supplementary Contributions. Please ask your local payroll section for a form. 8

9 Alternatively, you can choose to make extra contributions without using salary sacrifice. These contributions are known as Additional Voluntary Contributions (AVCs) and can be changed at any time. To start or change Additional Voluntary Contributions, please ask your local payroll section for a form. The amount of the salary sacrifice will change in line with your pension contribution unless you choose for salary sacrifice not to apply. Any changes that you decide to make will take effect in the next full pay period after payroll have processed your completed form. Leaving salary sacrifice 5. What happens if I wish to leave salary sacrifice? If you would like to stop using salary sacrifice, but want to stay in the pension plan, you can do this by completing an election form. This is available from your local payroll section. You will remain a member of the pension plan and both you and Arriva will continue to pay contributions. 6. What happens if I opt-out of the pension plan altogether? If you decide to opt-out of the plan altogether, you will automatically leave salary sacrifice. 7. If I join salary sacrifice or if I miss the deadline to tell payroll I do not wish to be part of salary sacrifice, can I change my mind at a later date? Yes - you can stop using salary sacrifice. 8. What happens if I leave the company? If you leave the company you will cease to take part in salary sacrifice as you will no longer receive pay from Arriva and you will no longer be able to contribute to the plan. Under the current pension arrangements, if you have less than one month s service you will receive a repayment of your contributions upon leaving your employment. Under salary sacrifice you will not be making pension contributions and, in these circumstances, Arriva will refund an amount equal to the value of the contributions that you would have paid had you not joined salary sacrifice. This will be paid to you in your normal pay, after tax and National Insurance have been deducted. If you have been in the plan for more than one month, no repayment will be made. Your pension fund will remain invested in the plan. If you opt-out of the plan within 30 days of being enrolled automatically, Arriva will refund the contributions to you equal to the amount of the contributions that you would have paid had you not taken part in salary sacrifice. This will be paid to you in your normal pay, after tax and National Insurance have been deducted. 9

10 Frequently asked questions Pay and salary sacrifice 9. What happens if I am on unpaid leave? If you are on unpaid leave, you will have no pay to reduce and therefore no salary sacrifice adjustments can be applied to your pay. Employer salary sacrifice pension contributions will stop and will start again when your pay returns to a level at which salary sacrifice adjustments can be made. You will automatically re-join salary sacrifice when you return from leave and when your earnings return to a level that allows the salary sacrifice to begin again. 10. How will maternity, paternity, additional paternity or adoption leave affect contributions to my pension plan? If you receive company maternity, paternity or adoption pay in excess of current statutory payment levels for maternity, paternity and adoption leave, and continue to have sufficient earnings you will continue to be part of salary sacrifice. If you receive statutory payments only or your salary sacrifice reduction would reduce your gross pay below the statutory payment limits, you will no longer be able to make payments via salary sacrifice. However, Arriva will continue to make their normal employer pension contributions and employer salary sacrifice pension contributions during the period of paid maternity, paternity, additional paternity or adoption leave. Therefore pension contributions into your plan will be unaffected. If you are on maternity, paternity, additional paternity or adoption leave and are receiving no pay, see question How will my higher-rate statutory maternity pay in the first six weeks be affected salary sacrifice? Where you receive Statutory Maternity Pay (SMP) only, salary sacrifice reduces the level of higher rate SMP that you are entitled to receive in the first six weeks. Arriva will therefore make a top-up Statutory Maternity Pay payment to ensure that you receive the same level of higher-rate Statutory Maternity Pay that you would have been entitled to if you had not taken part in salary sacrifice. 12. How will salary sacrifice work when I receive sick pay? Where you qualify for company sick pay and have enough earnings to allow salary sacrifice to continue, the salary sacrifice will continue. If you receive Statutory Sick Pay (SSP), salary sacrifice will stop, but you will remain a member of the plan. The employer salary sacrifice pension contributions normally paid under salary sacrifice will also stop. Please see question 13 if you are on sick leave and are receiving no pay. You will automatically re-join salary sacrifice when you return to work and your earnings return to a level that allows the salary sacrifice to start again. 10

11 11 Frequently asked questions

12 13. What will happen if my earnings fall below National Living Wage (NLW) whilst taking part in salary sacrifice? Your pay is not allowed to reduce below the National Living Wage. You will automatically be removed from salary sacrifice if it would mean that your earnings would fall below National Living Wage. 14. What if I do not pay National Insurance? If you do not pay National Insurance (e.g. you are over state retirement age) you will not save any National Insurance contributions. 15. What pay will be used to calculate future pay increases, overtime, shift and other related payments? Arriva will use your notional pay, which is your pay before any salary sacrifice adjustments, to calculate any future pay increase, overtime, shift premiums, holiday pay, bonuses etc. All flat rate payments (such as Statutory Sick Pay) or deductions (such as union payments) are not pay related and are also unaffected. 16. Will my employment contract/ terms and conditions change? Yes, by participating in salary sacrifice you are agreeing to a variation in your terms and conditions of employment. This variation is restricted to the reduction in your gross pay and the corresponding increase in pension contributions to allow salary sacrifice to work. Under salary sacrifice you no longer make employee pension contributions and Arriva will make an employer salary sacrifice pension contribution equal to the amount by which your pay is reduced. Your pay before any salary sacrifice adjustments will be referred to as your notional pay. All other terms and conditions of your employment remain unchanged. 17. Will my life assurance/death in service be affected? Any life assurance/death in service benefit which you are entitled to will be unaffected as this will continue to be based on your notional pay. 18. Will salary sacrifice affect my application for loans, mortgages etc? Your notional pay (i.e. gross earnings before any salary sacrifice adjustments) will continue to be shown on your payslips each week/ month and therefore should not affect your applications for loans/mortgages, especially as your net pay will have increased. If required by the lender, Arriva will explain salary sacrifice in a separate letter to them. 12

13 19. What if I have to pay student loan deductions? Student loan deductions are made when you receive pay in excess of 17,495 per annum (2016/17 income threshold). When you join salary sacrifice your gross earnings that are subject to National Insurance will be reduced, meaning any student loan deductions are likely to decrease. This will affect the amount of time it may take to pay back your loan. 23. What about other benefits/ entitlements? Entitlement to other benefits that are provided by the government is complex and depends upon your own personal financial position. If you currently claim any other state benefits you should contact the relevant government agency for advice on how salary sacrifice may affect your entitlement to these benefits. Further guidance can be found at or How will salary sacrifice affect entitlement to tax credits? The income on which your tax credit entitlement is based will not change. 21. How will salary sacrifice affect entitlement to Attachment of Earnings Orders? Any Attachment of Earnings Orders (AEOs) which are calculated as a percentage of your net earnings may increase under salary sacrifice as your net earnings increase as a result of the National Insurance savings. Whether your payments change will depend on your individual circumstances. However, it is likely in most cases that the savings from participating in salary sacrifice exceed any increase in Attachment of Earnings Orders. 22. How will salary sacrifice work together with Cycle to Work and Childcare Vouchers? Arriva allows employees to take part in other salary sacrifice arrangements for Cycle to Work and Childcare Vouchers. Where participation in any salary sacrifice arrangement (including pension) takes your pay below the National Minimum Wage or Lower Earnings Limit, Arriva will automatically remove you from salary sacrifice for your pension plan payment and you will automatically rejoin when your earnings return to a level that will allow the reduction to be applied. Salary Sacrifice Arriva Workplace Pension Plan Will salary sacrifice always be in place? Arriva are committed to salary sacrifice as long as HM Revenue and Customs allow this type of arrangement to operate. However, if for any reason we are no longer able to operate salary sacrifice, we will let you know how this would affect your contributions. State pension and salary sacrifice 25. How will salary sacrifice affect my state pension? Under current rules, employees will only lose entitlement to state pension if they earn less than the Lower Earnings Limit (LEL) ( 112 per week for 2016/17). If your earnings fall below Lower Earnings Limit at any point you will be excluded from salary sacrifice and will automatically rejoin when your earnings go above the Lower Earnings Limit. 13

14 Frequently asked questions Sources of more information 26. Do I need to seek independent financial advice? Arriva is not allowed to provide financial advice in relation to your future state pension entitlement and if you would like to discuss your personal position we recommend that you contact an Independent Financial Advisor or visit to obtain contact details for your local Pensions Office who can provide further detail. You may wish to seek independent financial advice on how Salary sacrifice could impact your personal circumstances. You may have to pay for the services of an Independent Financial Advisor so ask for a quote first. You can find the name of one in your area at: Where can I find out more information? If you have any questions that are not covered in this booklet, please contact your local payroll section or visit the plan s website at or call

15 Jargon buster Employer salary sacrifice pension contribution This is the additional pension contribution made by Arriva if you take part in salary sacrifice. It is equivalent to your salary sacrifice adjustment which is the employee pension contribution you would have made if you had not chosen to participate in salary sacrifice. Additional Voluntary Contributions (AVCs) Voluntary contributions that you can choose to make in addition to your normal employee pension contribution. AVCs can be changed frequently. AVCs cannot be paid via salary sacrifice. If you would like to make extra contributions by salary sacrifice, please see Supplementary Contributions. Gross pay This is your pay before any deductions are made. Lower Earnings Limit (LEL) This is the minimum amount that an employee must earn to become entitled to certain state benefits (e.g. State Pension). National Insurance (NI) Contributions Depending on your individual circumstances, you may currently pay National Insurance on your earnings. By paying National Insurance you build up your entitlement to certain state benefits. National living wage (NLW) This is the minimum hourly wage set by the government each October. There are different National minimum wages depending on your age and work status. Net pay This is your pay after deductions are made. Notional pay This is your gross pay before the salary sacrifice adjustment. Salary sacrifice This is the arrangement being introduced by Arriva for the pension plan. You agree to give up part of your salary and in return Arriva pays that amount into your plan. Salary sacrifice adjustment This is the reduction to your gross pay to allow salary sacrifice to work. It is equivalent to the value of the regular employee pension contributions you would have made had you not participated in salary sacrifice. Salary sacrifice election This refers to the process for employees electing into or out of salary sacrifice. Supplementary Contributions (SCs) Fixed (%) pension contributions that you can choose to make in addition to your normal monthly pension contribution. These contributions are made by the employer on your behalf through salary sacrifice. To make extra contributions to the pension plan without using salary sacrifice, please see Additional Voluntary Contributions. Salary Sacrifice Arriva Workplace Pension Plan 15 15

16 Standard Life Assurance Limited is registered in Scotland (SC286833) at Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH. Standard Life Assurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. ARRSS 0416

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