SALARY EXCHANGE ADVISER GUIDE
|
|
- Marvin Robbins
- 7 years ago
- Views:
Transcription
1 SALARY EXCHANGE ADVISER GUIDE This material is for use by UK Financial Advisers only. It is not intended for onward transmission to private customers and should not be relied upon by any other person.
2 INTRODUCTION THE PENSION ENVIRONMENT IS EVOLVING. GONE ARE THE DAYS WHERE A STANDARD APPROACH TO SAVING FOR RETIREMENT WAS THE ONLY OPTION. NOWADAYS WE CAN SEE EMPLOYER S PENSION SCHEMES WITH DISCOUNTS, THEIR OWN SPECIALLY SELECTED DEFAULT FUNDS AND SELF-INVESTMENT OPTIONS. There are various options which can be tailored to suit the needs of the employer, to make their scheme cost effective and attractive. Salary exchange (also known as salary sacrifice) is one of those options. This guide explains how it works, who it s suitable for and how it can benefit both the employer and employee. With the phased introduction of automatic enrolment now underway, salary exchange is likely to become more popular as employers look to use their National Insurance Contributions savings to help offset the increased pensions costs associated with Automatic Enrolment. WHAT IS SALARY EXCHANGE? Salary exchange is an arrangement where an employee gives up the right to part of their future earnings or bonus in exchange for a non-cash benefit. As part of the salary is being exchanged rather than paid neither the employee or the employer pay National Insurance Contributions (NICs) on the exchanged amount. Some of the benefits could include: increased pension for employees increased take home pay for employees adding value to the benefits package reduced costs for employer. HOW DOES SALARY EXCHANGE WORK? The employee decides how much they want to exchange and their salary is reduced by this amount. The exchanged amount can then be paid to the employee s pension plan as an employer contribution. The exchanged amount will therefore be included in any employer contribution shown in our illustrations and annual statements. 1
3 SETTING UP A SALARY EXCHANGE ARRANGEMENT The exchange is achieved by altering the employee s terms and conditions of employment. It can be set up at any point but the salary exchange agreement must be in place before the salary is actually exchanged to meet the HM Revenue & Customs (HMRC) guidelines. HMRC also state in their guidance that they require full details of the scheme and of the new contractual arrangements. The full set of guidelines can be found at Note: Salary exchange is considered a matter of employment law, not tax law. WHAT ABOUT SMART PENSION SCHEMES? The basic principle of the employee giving up part of their salary in exchange for a non-cash benefit doesn t change with a smart pensions scheme; but the sign up method is different. Rather than obtaining separate agreement from each employee to go ahead with their exchange, smart pension schemes instead rely on employees who do not wish to participate to opt out of the proposed exchange. Employers would communicate to their work force, advising them that the proposed salary exchange will take effect from a specified date (this date must be in the future). Any employees who do not wish to take part must actively opt-out. The employer must ensure that employees are given plenty of time to make their decision. Scottish Widows recommend a minimum of 4-8 weeks notice. The automatic enrolment legislation does not permit employers to make salary exchange a condition of enrolment into the scheme. However, it is possible to amend employees contracts to make it a condition of their employment that contributions are made via salary exchange. There are other ways an automatically enrolled scheme can use salary exchange. These include: Enrol members into the scheme and then offer them the opportunity to contribute via salary exchange. Enrol members into the scheme and offer them the opportunity to contribute via salary exchange at the same time. WHERE CAN SALARY EXCHANGE BE USED? In order for salary exchange to be considered, a pension scheme which can accept employer contributions must be in place. Salary exchange can be used with: an occupational money purchase scheme a group personal pension (and personal pension) a group stakeholder pension (and individual stakeholder pension) an executive pension plan. CHANGE TO CONTRACT OF EMPLOYMENT To set up salary exchange, the employee s contract of employment must be changed and this should be formally agreed between the employee and the employer, for example in a letter. A copy of this agreement letter should be kept with the employees original contract of employment. It is essential that the agreement is in place before the salary is exchanged, and well in advance of the first payment. For Smart Pension schemes, HMRC is satisfied that as long as the revised terms and conditions of employment are communicated to employees in advance of the salary exchange arrangement being introduced, then employees who do not opt out are accepting the variation to their employment contract. For contract based schemes, it should be noted that there may be additional contract and/or employment law considerations. Where employers intend to implement a salary exchange arrangement without obtaining the employees explicit consent, we strongly recommend that legal advice is sought before any change is made. It is up to the employer to specify the length of time the arrangement will last for (this is usually a 12 month period). The employer may wish to include the option to change the arrangement if an employee were to experience a lifestyle change. The employer should define the lifestyle changes applicable to the arrangement. Following the introduction of automatic enrolment, HMRC have confirmed that it is permissible for a salary exchange arrangement for a workplace pension scheme to be changed on request, and now they don t insist on the exchange being for a set period or for lifestyle changes to be specified. 2
4 SETTING-UP THE ARRANGEMENT The employer can set up the arrangement in a number of ways, however reinvesting the employer NIC savings will give the employee the most benefit and may encourage scheme take-up. In this guide we ll look at the 4 main options. The scenarios below assume an employer provides a Group Personal Pension (GPP) arrangement. The employee earns 25,000 a year with both the employer and the employee currently paying a contribution of 5% of gross salary. The examples show the different ways salary exchange works if the employee percentage is no longer paid by the employee but is exchanged and paid direct by the employer. Option 1 (employer and employee NIC reinvestment) Employer costs stay the same, employee s take home pay stays the same and the pension contribution increases. With this option, the position remains cost neutral for both parties and all the employer s and employee s NIC savings are reinvested into the pension scheme so the overall contributions are increased. OPTION 1 Before Exchange After Exchange Benefit Employer position Total cost (salary, pension & NICs) 28, , Employee position Take home pay 19, , Total gross pension contributions 2,500 2, Option 2 (only employer NIC reinvestment) Employer costs stay the same, the employee s take home pay increases and the pension contribution increases. In this option, only the employer s NIC saving is reinvested, resulting in a higher pension contribution. The employee s take home pay increases as they are paying less NICs on a reduced salary. OPTION 2 Before Exchange After Exchange Benefit Employer position Total cost (salary, pension & NICs) 28, , Employee position Take home pay 19, , Total gross pension contributions 2,500 2, Option 3 (no employer NIC reinvestment) Employer s costs reduce, the employee s take home pay increases and pension contributions remain at same level. With this option, none of the employer s or employee s NIC savings are reinvested in the pension scheme, but the employee pays less NICS on a reduced salary, which increases their take home net pay. OPTION 3 Before Exchange After Exchange Benefit Employer position Total cost (salary, pension & NICs) 28, , Employee position Take home pay 19, , Total gross pension contributions 2,500 2,
5 Option 4 (no employer NIC reinvestment) Employer s costs reduce, the employee s take home pay stays the same and pension contributions increase. With this option, the employee sacrifices a slightly higher amount to produce exactly the same take home pay. Because they ve exchanged slightly more, their pension contribution increases. In this example none of the employer s NIC savings are reinvested. OPTION 4 Before Exchange After Exchange Benefit Employer position Total cost (salary, pension & NICs) 28, , Employee position Take home pay 19, , Total gross pension contributions 2,500 2, The figures are based on tax and NI for 2016/17 tax year and a single person s allowance of 11,000. The value of the tax benefits of a pension plan depend on an individual s circumstances. These circumstances and tax rules may change in the future. Our salary exchange tool can be requested through your Scottish Widows Account Manager, the tool will allow you to calculate real examples for individuals and group schemes. OPTIONS AT A GLANCE Options Employer costs Employee take home pay Pension Contribution Summary 1 no 2 no 3 decrease 4 decrease change no change increase change increase increase increase no change no change increase This is cost neutral. Employer NIC saving is reinvested Employee sacrifices slightly higher amount to keep their take home pay at the same level so pension contributions are increased. Employer NIC saving is reinvested Employee does not have to pay NIC on the amount sacrificed, so this increases their take home pay. Employer no reinvestment of NIC savings Employee as salary is reduced, the amount of NIC paid is also lower, so this increases their take home pay. Employer no reinvestment of NIC savings Employee sacrifices a slightly higher amount so that they can get the same take home pay. The higher sacrifice means they get an increased pension contribution. WHICH OPTION IS BEST? There is no right or wrong answer. It s really up to the employer to choose which option they want to go for and this will depend on what their objective is, i.e. are they looking to reduce their costs or give employees additional benefits? 4
6 THE BENEFITS Employers will pay less NICs The employees will be receiving a lower gross salary, this means the amount paid in NICs by the employer will also reduce. A quick way to estimate the NIC saving is to add up the total of employee contributions and apply the employer NIC payment rate of 13.8%. For example: Average employee salary 20,000 Average employee contribution rate x 5% Annual employee contribution = 1,000 Active members x 50 Total = 50,000 Employer NIC rate x 13.8% Annual employer NIC saving = 6,900 Initially, paying by salary exchange rather than making payments directly may be off-putting to employees, as they will be receiving a lower gross salary. However, the individual will benefit from exchanging part of their salary towards providing for their retirement and at the same time, benefit from reduced NICs. This saving can be used to further enhance their pension contribution or alternatively increase their take home pay. Of course if the employer reinvests some of their NIC saving, the employees will also benefit from this. Adding value to the benefits package Introducing salary exchange can improve the employee s perception of their benefits package, particularly if the employer agrees to reinvest their NIC savings to further increase the pension contributions. This may encourage employees to join the scheme. A valuable benefits package can also help the employer to attract and retain quality staff, potentially giving employers an edge over their competitors. THINGS TO CONSIDER Salary exchange may not be suitable for everyone and it s important that the employer and employees are fully aware that it is a legally binding contract they are entering into. There are some other things that employers and employees should think about regarding the impact reduction in salary will have. Employees Other benefits which are linked to their salary, for example, benefits on death, redundancy payments and over-time rates may be impacted. Statutory benefits linked to the lower salary may also be impacted. These include: State pension Statutory maternity, paternity and sick pay. Working or child tax credit. More information can be found at Mortgage lenders usually base the amount which can be borrowed on the salary after the exchange; this will reduce the amount that the employee can borrow. Earnings must not fall below the National Minimum wage as a result of salary exchange. Rules for an Occupational Pension Scheme (OPS) state that if an employee dies while in pensionable service or if they decide to leave the scheme with less than two year s pensionable service, their contributions would be returned. This would not be the case with salary exchange, as the contributions would be considered employer contributions and therefore, contributions would not be returned. 5
7 Employers What they plan to do with the NIC saving they don t have to reinvest it but it may be difficult to promote salary exchange to employees if they are not going to benefit from this saving. Retaining a notional salary (this is the salary before the exchange) or reference salary for employees. This would mean that their pre-exchange salary could be used for things like mortgage references, over-time rates and pay increases. HMRC provide more information on this at: EIM42771.htm The potential costs should an employee be absent from work for a long period of time, for example long-term sick. The new contract of employment moves the responsibility for making the pension payments from the employee to the employer so the employer would have to continue making the payments for the remaining exchange period if the employee is not receiving occupational sick pay. This would also apply to maternity leave. If the employer is considering a Smart Pension scheme we strongly recommend that they seek legal advice before any change is made. COSTS The costs associated with salary exchange are mainly related to the extra administration and employer s communications. There are 3 ways the costs could be covered. The employer could: bear the full cost of the set up use some of their NIC saving to cover part of the costs use all of their NIC saving to cover the costs. COMMUNICATION The success of a salary exchange scheme will be measured by how many employees sign up. There would be nothing more frustrating than an employer taking the time to set up a scheme and bearing the costs of this if take up is low. Clear communication is essential if a salary exchange arrangement is to be successful. To help we ve produced literature for employers and employees on how salary exchange works, how it can impact them and how it can benefit them. Employer Our employer guide details all four options and how they work as well as covering topics such as how to set the scheme up, the costs of setting it up and the benefits. Employee Our salary exchange flyer with the member joining guide details the benefits of contributing to the scheme, including case study examples. To accompany this we have also produced two employee quick guides highlighting the key benefits and potential disadvantages of salary exchange. One covers employer NIC reinvestment and the other no employer NIC reinvestment. CAN SALARY EXCHANGE BE ALTERED? For workplace pensions, HMRC have confirmed that salary exchange can be altered on request, with no requirement for a minimum period or for a lifestyle change to have taken place. SALARY EXCHANGE CALCULATOR We ve developed a salary exchange calculator which you can request from your Scottish Widows Account Manager. This calculator demonstrates how salary exchange works. It provides: bulk calculations individual calculations ability to save outputs links to our salary exchange website and literature information on how salary exchange works sample letters. 6
8 PAYROLL Implementing a salary exchange arrangement will have an administrative impact on the employer. The employer will need to think about how their systems and processes will be affected. If new procedures are necessary, how will this be communicated to the employees? We ve provided an example of what a payslip could look like on page 8. Basically, the employer should ensure the exchange amount doesn t appear under the deductions section. The entry can be described in any way, so long as it is clear enough for the employee to recognise it is the exchanged amount. NEXT STEPS... If you would like to find out more about salary exchange or discuss developing a communication strategy with any of your clients, we can help. For more information please get in touch with your Scottish Widows Account Manager or access our website at WHERE CAN I FIND OUT MORE? HMRC has extensive guidance on its website about salary exchange. You can find this information at: Some payroll software can only hold one salary for each employee. As long as the amended terms and conditions of employment have been clearly communicated to the employee, the salary exchange will be valid. 7
9 SAMPLE PAYSLIP Company name Employee name Joe Bloggs Pay Period 12 NI number Tax code AA C 512L Employee payroll number Employer tax office reference Contact telephone number XXX / X 01XXX XXX XXX Payments Amount Basic Pay Salary exchange - Overtime Bonus Total Deductions Amount Tax National Insurance Net Pay Amount Bank account details: XXXXXXXXXXXXXXXXXXXXXXXXX 8
10
11
12 Scottish Widows Limited. Registered in England and Wales No Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number /16
A guide for employees Salary sacrifice and pensions
A guide for employees Salary sacrifice and pensions MPEN15/D 07.16 Did you know that salary sacrifice (also known as salary exchange, SMART Pensions and Smart Pay) can provide you with an opportunity to
More informationA guide for employees Salary sacrifice and pensions
A guide for employees Salary sacrifice and pensions MPEN15/D 03.15 Did you know that salary sacrifice (also known as salary exchange, SMART Pensions and Smart Pay) can provide you with an opportunity to
More informationKingfisher Pension Scheme
Kingfisher Pension Scheme Money Purchase Section SMART PENSIONS GUIDE The Kingfisher Pension Scheme Money Purchase Section (the KPS-MP) has been set up by the Company to help you save for your retirement.
More informationWhat information does an employer need to provide to HMRC?
Salary Sacrifice What is a salary sacrifice? A salary sacrifice happens when an employee gives up the right to receive part of the cash pay due under his or her contract of employment. Usually the sacrifice
More informationONLINE SERVICE FOR AUTO ENROLMENT. Data standards guide for schemes operating contractual enrolment. Workplace pensions For scheme administrators
Workplace pensions For scheme administrators ONLINE SERVICE FOR AUTO ENROLMENT Data standards guide for schemes operating contractual enrolment INTRODUCTION Good data management is critical to the smooth
More informationGRL Workplace Nursery Salary Sacrifice Scheme
GRL Workplace Nursery Salary Sacrifice Scheme 1 GRL Workplace Nursery Salary Sacrifice Scheme Contents 1) GUIDANCE ON THE GRL WORKPLACE NURSERY SALARY SACRIFICE SCHEME... 4 a) About the Scheme 4 What is
More informationHR Department SALARY SACRIFICE GUIDELINES
HR Department SALARY SACRIFICE GUIDELINES April 2011 1. Purpose of Policy 1.1. This policy sets out information for employees on the Salary Sacrifice schemes that the University offers and seeks to provide
More informationSmart Pensions salary exchange. what it means
Smart salary exchange what it means to you How the salary exchange agreement works Smart is a salary exchange agreement which allows both you and the company to make National Insurance Contribution (NIC)
More informationpension benefits for new employees
February 2013 pension benefits for new employees University of Newcastle upon Tyne Retirement Benefits Plan Saving for your future with help from the University At Newcastle University, we are committed
More informationSCHEME AND SERVICE INFORMATION
SCHEME AND SERVICE INFORMATION 0808 1001613 www.fsbworkplacepensions.co.uk 1 Workplace Pensions are coming Workplace Pensions is the government initiative to increase private retirement savings. Auto enrolment
More informationKey features of the Group Personal Pension Plan
For employees Key features of the Group Personal Pension Plan Contents Important note 2 Its aims 2 Your commitment 2 Risks 3 Questions and answers 4 Other information 9 How to contact us 12 The Financial
More informationEMPLOYER-SUPPORTED CHILDCARE GUIDANCE AND FAQs FOR EMPLOYEES WHO ARE PARENTS, STEP-PARENTS OR WHO HAVE PARENTAL RESPONSIBILITY
EMPLOYER-SUPPORTED CHILDCARE GUIDANCE AND FAQs FOR EMPLOYEES WHO ARE PARENTS, STEP-PARENTS OR WHO HAVE PARENTAL RESPONSIBILITY This guidance outlines HM Revenue & Customs interpretation of the legislation
More informationDetailed guidance for employers
April 2016 4 Detailed guidance for employers Pension schemes: Pension schemes under the new employer duties Publications in the series 1 2 3 3a 3b 3c 4 5 6 7 8 9 10 11 Employer duties and defining the
More informationAdditional Annual Leave (Salary Sacrifice) Scheme 2014 / 15
Additional Annual Leave (Salary Sacrifice) Scheme 2014 / 15 Page 1 of 16 Contents Section Page 1 Introduction & Purpose 3 2 Scope 3 3 Definitions 3 4 Responsibilities 3 5 Flowchart 4 6 Details of scheme
More informationYOUR COMPANY PENSION GROUP PERSONAL PENSION. A guide to help you prepare for the retirement you want
YOUR COMPANY PENSION GROUP PERSONAL PENSION A guide to help you prepare for the retirement you want SUPPORTING LITERATURE AND TOOLS TO HELP YOU MAKE DECISIONS ABOUT YOUR COMPANY PENSION LITERATURE Key
More informationCeridian Futures Retirement Plan
Ceridian Futures Retirement Plan Summary of Benefits Summary of Benefits Ceridian Futures Retirement Plan 1 Summary of Benefits Introduction Who is eligible? How the Plan works Contributions The Ceridian
More informationAre automatic enrolment pensions alien to you?
Quick guide Are automatic enrolment pensions alien to you? Don t worry, we understand alien-speak and we make providing a workplace pension simple For people, not profit Are automatic enrolment pensions
More informationpartnership pension account A guide to available benefits
partnership pension account A guide to available benefits Contents partnership pension account 3 Paying into your pension 4 Choosing your pension fund 8 How to open a partnership pension account 13 Leaving
More informationEmployer s Guide to Salary Sacrifice (Scheme Rules) Salary Sacrifice Childcare Voucher Scheme
Employer s Guide to Salary Sacrifice (Scheme Rules) Salary Sacrifice Childcare Voucher Scheme The following guide provides employers with the necessary information to set up and operate a salary sacrifice
More informationKEY FEATURES OF THE PERSONAL PENSION (TOP UP PLAN) Important information you need to read
KEY FEATURES OF THE PERSONAL PENSION (TOP UP PLAN) Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS, TO GIVE YOU
More informationAUTO ENROLMENT EXPLAINED KEEPING YOU ONE STEP AHEAD.
AUTO ENROLMENT EXPLAINED KEEPING YOU ONE STEP AHEAD. With auto enrolment underway, employers must now automatically enrol eligible employees into a qualifying pension scheme. We want to support you through
More informationEMPLOYEE PLUS SCHEME RULES 1
1 Page No. 1 Eligibility 1-2 2 NYCH s Prioritisation of Salary Exchange Benefits 2 3 Can employees take advantage of Childcare Plus and Nursery Plus 2 together? 4 Employee Plus Scheme Renewal Date 2 5
More informationINVESTMENT BOND INCOME AND GROWTH, ALL IN ONE BOND
INVESTMENT BOND INCOME AND GROWTH, ALL IN ONE BOND PAGE 1 INVESTING GROWTH, INCOME OR A COMBINATION OF THE TWO? WHAT IS A BOND? THE INVESTMENT BOND AT A GLANCE PAGE 2 FINDING A BALANCE INVESTING FOR GROWTH
More informationSTAKEHOLDER PENSION. KEY FEATURES. This is an important document that you should read and keep in a safe place. You may need to read it in future.
STAKEHOLDER PENSION KEY FEATURES. This is an important document that you should read and keep in a safe place. You may need to read it in future. 2 STAKEHOLDER PENSION KEY FEATURES USING THIS DOCUMENT.
More informationEMPLOYER-SUPPORTED CHILDCARE GUIDANCE AND FAQs FOR EMPLOYERS
EMPLOYER-SUPPORTED CHILDCARE GUIDANCE AND FAQs FOR EMPLOYERS This guidance outlines HM Revenue & Customs application and interpretation of the legislation enacted at sections 35 and 36 and Schedule 8 of
More informationretirement planning the retirement you want Heineken UK Flexible Retirement Plan
my retirement planning the retirement you want Heineken UK Flexible Retirement Plan Contents Get an overview of the Heineken UK Flexible Retirement Plan What is the Flexible Retirement Plan? 4 Your benefits
More informationWorkplace pensions - Frequently Asked Questions
Workplace pensions - Frequently Asked Questions Q1. Why is Auto Enrolment happening? Q2. Is everyone being enrolled into a workplace pension? Q3. I meet that criteria, when will I be enrolled? Q4. What
More informationYou don t have to go it alone
Corporate & Employer Solutions You don t have to go it alone Expert guidance for your auto enrolment journey Pension auto enrolment is here This year marks the staging date for many businesses to enrol
More informationpositivebenefits take control of your money
positivebenefits take control of your money Introducing positivebenefits positivebenefits How positivebenefits works 4 Who will be eligible 4 Don t forget... 4 The University s savings 5 positivepensions
More informationPENSION ENCASHMENTS AND SMALL POTS ADVISED NON-GMP CASES
PENSION ENCASHMENTS AND SMALL POTS ADVISED NON-GMP CASES IMPORTANT INFORMATION Please read this section carefully before completing this application form. This form can only be used where you are taking
More informationWHSmith Holiday Trading Scheme
Dear Colleague, January 2011 WHSmith Holiday Trading Scheme WHSmith recognise that holidays are a very important part of our employee remuneration packages and that holidays are significant in achieving
More informationAUTOMATIC ENROLMENT: SALARY SACRIFICE AND FLEXIBLE BENEFITS
PENSIONS PROFILE JULY 2012 AUTOMATIC ENROLMENT: SALARY SACRIFICE AND FLEXIBLE BENEFITS Summary Salary Sacrifice is a mechanism allowing an employee to give up the right to part of his or her remuneration
More informationsalary sacrifice schemes for cars: decision maker s guide
salary sacrifice schemes for cars: decision maker s guide The decision maker s guide Introduction Salary have attracted increased levels of interest from fleets and the media over the past couple of years.
More informationPension schemes Pension schemes under the new employer duties
Workplace pensions reform detailed guidance Pension schemes Pension schemes under the new employer duties 4 April 2013 v4.1 1 Employer duties and defining the workforce An introduction to the new employer
More informationPERSONAL PENSION (TOP UP PLAN) APPLICATION TO INCREASE CONTRIBUTIONS FOR OFFICE USE ONLY. Agency Number
PERSONAL PENSION (TOP UP PLAN) APPLICATION TO INCREASE CONTRIBUTIONS Agency Number FOR OFFICE USE ONLY Arranged by: Application to increase contributions Did your adviser give you advice in respect of
More informationSage 50 Payroll. New. Payroll software for small to medium sized businesses who need complete control and confidence in their payroll process.
New Payroll software for small to medium sized businesses who need complete control and confidence in their payroll process. 1 What is Sage 50 Payroll? Sage 50 Payroll provides you with the confidence
More informationSelf Assurance. Your simple guide to protection
Self Assurance Your simple guide to protection Your simple guide to protection Peace of mind for you and your family None of us really knows what the future has in store, but like millions of other people
More informationSuperpay and Pension Automatic Enrolment v1.0
Superpay and Pension Automatic Enrolment v1.0 Contents 1 Introduction... 4 2 Superpay... 4 3 Automatic enrolment regulations... 5 4 Employee postponement... 6 4.1 Starters... 6 4.2 Eligible jobholders...
More informationSalaryMax a smarter way to pay for your pension. April 2009
SalaryMax a smarter way to pay for your pension April 2009 SalaryMax: a smarter way to pay for your pension The University has identified a way to increase the take home pay of many staff who are part
More informationKEY FEATURES OF RELEVANT LIFE COVER SCOTTISH WIDOWS PROTECT. Important information you need to read
KEY FEATURES OF RELEVANT LIFE COVER SCOTTISH WIDOWS PROTECT Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS, TO
More informationYour guide to the Universities Superannuation Scheme
Your guide to the Universities Superannuation Scheme February 2016 02 Contents The document contains the following sections: Contents 02 About this guide 03 Your USS at a glance 04 Joining the scheme 05
More informationKEY FEATURES OF THE SELF-INVESTED PERSONAL PENSION (SIPP) FOR INCOME DRAWDOWN OR PHASED RETIREMENT. Important information you need to read
KEY FEATURES OF THE SELF-INVESTED PERSONAL PENSION (SIPP) FOR INCOME DRAWDOWN OR PHASED RETIREMENT Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR.
More informationConsultation on salary sacrifice for the provision of benefits in kind
Consultation on salary sacrifice for the provision of benefits in kind Consultation document Publication date: 10 August 2016 Closing date for comments: 19 October 2016 Subject of this consultation: Scope
More informationHigh Level Business Requirements Child Maintenance Payment Changes
High Level Business Requirements Child Maintenance Payment Changes Page 1 of 14 1. Document Control Version: 0.27 Date: 22/03/2012 Ref. SEL019 Page 2 of 14 2. Contents 1. Document Control... 2 2. Contents...
More informationSMART... Savings for employees and the company. Please read this booklet carefully as it contains important information
SMART... Savings for employees and the company Please read this booklet carefully as it contains important information SMART Contents 3. What is SMART? 4. How will I see SMART on my payslip? 6. What do
More informationNationwide Group Personal Pension Arrangement. Your journey to a brighter future
Nationwide Group Personal Pension Arrangement Your journey to a brighter future Saving for your retirement Welcome to the Nationwide Group Personal Pension (GPP) arrangement provided to you by Friends
More informationFrequently Asked Questions by Employees. Fuel Efficient Car Lease Scheme. An employee benefit offered by the University of Birmingham
Frequently Asked Questions by Employees Fuel Efficient Car Lease Scheme An employee benefit offered by the University of Birmingham If you have any further questions or would prefer to talk to someone,
More informationPLANNING THE RETIREMENT YOU WANT
PLANNING THE RETIREMENT YOU WANT Charlotte Supply Chain Graduate HEINEKEN UK Flexible Retirement Plan Contents A reminder of... How the Flexible Retirement Plan works 4 The benefits 6 Consider what you
More information8.7 Taxation - PAYE, NI and Pensions
8.7 Taxation - PAYE, NI and Pensions Introduction Under current delegation and in accordance with Section 2 of the Scheme, schools are responsible for the payroll arrangements for their employees. There
More informationDECREASING TERM ASSURANCE KEY FEATURES
seeing retirement differently seeing retirement differently DECREASING TERM ASSURANCE CELEBRATING CELEBRATING YEARS sin ce 1 9 9 5 YEARS sin ce 1 9 9 5 The Financial Conduct Authority is a financial service
More informationThe Personal Range Key Features of the Individual Personal Pension
The Personal Range Key Features of the Individual Personal Pension Reference MPEN11/A 04.16 The Financial Conduct Authority is a financial services regulator. It requires us, Friends Life and Pensions
More informationUsing Payroll in FreeAgent RTI Ready
Using Payroll in FreeAgent RTI Ready Set up employees as users to enable FreeAgent to complete your payroll. RTI stands for Real Time information and it s the new way to report wages, salaries, PAYE and
More informationBUSINESS PROTECTION ASSURANCE KEY FEATURES
seeing retirement differently seeing retirement differently BUSINESS PROTECTION ASSURANCE CELEBRATING CELEBRATING YEARS sin ce 1 9 9 5 YEARS sin ce 1 9 9 5 The Financial Conduct Authority is a financial
More informationAn employee s guide to auto enrolment
RETIREMENT An employee s guide to auto enrolment So, what is auto enrolment? Auto enrolment is the UK s workplace pensions initiative geared towards motivating the working population into saving towards
More informationSending Real Time Information to HMRC Troubleshooting. Understanding sick pay Entering sick days onto the system Paying an employee with sick pay
Contents Introduction to The Pa yroll Site Legislative updates Help Security of data Pricing Entering compa ny deta ils Setting up em ployees Adding an employee/new starter Leavers Deleting an employee
More informationAuto enrolment step by step guide for payroll bureaux
Auto enrolment step by step guide for payroll bureaux As company sizes are reducing, the proportion of employers with an in house payroll department is declining, and the number of employers looking for
More informationFLEXIBLE MORTGAGE ISA PLAN KEY FEATURES. FOR AN ADDITIONAL PLAN. This is an important document. Please keep safe for future reference.
FLEXIBLE MORTGAGE ISA PLAN KEY FEATURES. FOR AN ADDITIONAL PLAN. This is an important document. Please keep safe for future reference. 2 FLEXIBLE MORTGAGE ISA PLAN KEY FEATURES FOR AN ADDITIONAL PLAN ABOUT
More informationPENSIONS REFORM YOUR STEP BY STEP GUIDE
PENSIONS REFORM YOUR STEP BY STEP GUIDE This information is for UK Financial Adviser use only and should not be distributed to or relied upon by any other person. PAGE 2 INTRODUCTION PAGE 3 STEP 1 FAMILIARISE
More informationOCCUPATIONAL THERAPISTS Pay & Benefits for working for Enfield
OCCUPATIONAL THERAPISTS Pay & Benefits for working for Enfield We are committed to offering you the best employment benefits that we can. Below are the details of the kinds of benefits that you can enjoy
More informationThe Oracle My Pension Plan. Giving you the power to choose
The Oracle My Pension Plan A Flexible Retirement Plan from Standard Life Giving you the power to choose Contents 03 Welcome 04 Benefits to you 06 Why should you join? 08 The state won t keep you warm 10
More informationPayroll and Auto- Enrolment services
Payroll Payroll and Auto- Enrolment services A guide for clients Payroll Services Payroll We provide an affordable, efficient & accurate payroll service to clients, handling your weekly or monthly payroll
More informationGUIDE TO RETIREMENT PLANNING FINANCIAL GUIDE. Making the most of the new pension rules to enjoy freedom and choice in your retirement
GUIDE TO RETIREMENT PLANNING Making the most of the new pension rules to enjoy freedom and choice in your retirement FINANCIAL GUIDE WELCOME Making the most of the new pension rules to enjoy freedom and
More informationfree Set yourself ...
Gabem Management Limited Set yourself free......... Work in the way that s best for you while we maximise the amount you take home, keep you compliant with legislation and take the weight off your shoulders.
More informationGuide to Income Protection
Guide to Income Protection Contents About The Exeter 4 Why income protection? 5 Key product benefits 6 Our products 8 Comprehensive protection 9 Simple protection 14 Quote and apply 16 Claims overview
More informationDirect Earnings Attachment
Direct Earnings Attachment A Guide for Employers Publication Date: XX XXXXX 2015 1 What this Guide is about This guide explains what you, as an employer, need to do if DWP Debt Management (part of the
More informationRecruitment, Payroll & Contracts
Recruitment, Payroll & Contracts Service Level Agreement 2016/17 Introduction from Service Lead Dear Headteacher, Chair of Governors and School Business Manager Welcome to the Service Schedule for Payroll,
More informationAUTO ENROLMENT: QUALIFYING AND AUTO-ENROLMENT QUALIFYING SCHEMES
PENSIONS PROFILE AUGUST 2012 AUTO ENROLMENT: QUALIFYING AND AUTO-ENROLMENT QUALIFYING SCHEMES Summary Faced with the imminent implementation of the auto-enrolment legislation, employers do have a number
More informationThe Importance of Auto Enrolment
autolite AutoLite has been created with one objective to provide a complete solution to employers with their duties and obligations under the Pension Automatic Enrolment rules... 2 About us At IFS we combine
More informationCray House. 3 Maidstone Road. Kent DA14 5HU Tel: 0844 406 9000. Fax: 0870 738 6555. www.lqgroup.org.uk. L&Q Design Studio 2014.
Cray House. 3 Maidstone Road. Kent DA14 5HU Tel: 0844 406 9000. Fax: 0870 738 6555 www.lqgroup.org.uk L&Q Design Studio 2014. LQ0019 Benefits for our people www.lqgroup.org.uk Please note: L&Q Policies
More informationGuide to Basic Earnings Assessments. Call us free on 0800 612 4395. www.kiddivouchers.com
Guide to Basic Earnings Assessments Call us free on 0800 612 4395 www.kiddivouchers.com Since 6th April 2011, employers have been required to conduct a Basic Earnings Assessment for new members of their
More informationA guide to pension tax
A guide to pension tax Footer info Zurich Blue 2 or White Contents About this guide 3 Tax treatment of payments 4 Eligibility to receive tax relief on payments Tax relief on payments made to pension schemes
More informationYour Guide. to the Plumbing Industry Pension Scheme
Your Guide to the Plumbing Industry Pension Scheme Plumbing and Mechanical Services (UK) Industry Pension Scheme 2 Contents 3 Introduction 4 Meaning of Words Used 5 Joining the Scheme 6 Cost of Membership
More informationPrepare for Automatic Enrolment
Section title Sage 50 Payroll: Auto Enrolment Edition and The Pensions Module Prepare for Automatic Enrolment From your Accountant 1 What is Sage 50 Payroll? New Sage 50 Payroll: Auto Enrolment Edition
More informationKEY PERSON PROTECTION
KEY PERSON PROTECTION INTRODUCTION A company or partnership may have individuals who are crucial to their business. Their loss, whether through death or critical illness, could have a damaging effect in
More informationRELEVANT LIFE PLAN PUT LIFE COVER ON EXPENSES.
PUT LIFE COVER ON EXPENSES. Our Relevant Life Plan is a cost efficient way of offering life cover to you or your employees. It s tax efficient and, in most cases, premiums can be treated as an allowable
More informationAuto-enrolment a practical guide
Auto-enrolment a practical guide November 2012 We won t let it creep up on you Auto-enrolment means that millions of workers will be saving in a workplace pension for the first time The requirement to
More informationHR and Payroll Service Appendix A
HR and Payroll Service Appendix A Recruitment Administration Vacancy placement: Process requests to place adverts in publications as specified by the school School Responsibilities Promptly furnish Capita
More informationKey features of the Home Retail Group Personal Pension Plan
Key features of the Home Retail Group Personal Pension Plan This is an important document which you should keep in a safe place. You may need to read it in future. Home Retail Group Personal Pension Plan
More informationThe Plan for Your Future
The TJX UK Pension Plan The Plan for Your Future Pension Booklet 2 P age Welcome to the TJX UK Pension Plan To look after your financial future, you need to take a little time out of your present. Setting
More informationwww.civilservice-pensions.gov.uk
www.civilservice-pensions.gov.uk This booklet is published by Civil Service Pensions. Crown Copyright June 2008 Printed by St Ives Direct PPA-1 partnership pension account Contents partnership pension
More informationGuide for Local Government Pension Scheme employers and admission bodies
Preparing for automatic enrolment Guide for Local Government Pension Scheme employers and admission bodies June 2013 A Introduction This guide is intended to highlight key aspects of the automatic enrolment
More information2013 No. 2356 PUBLIC SERVICE PENSIONS, ENGLAND AND WALES. The Local Government Pension Scheme Regulations 2013
S T A T U T O R Y I N S T R U M E N T S 2013 No. 2356 PUBLIC SERVICE PENSIONS, ENGLAND AND WALES The Local Government Pension Scheme Regulations 2013 Made - - - - 12th September 2013 Laid before Parliament
More informationAuto Enrolment Summary...
Auto Enrolment Summary... August 2012 NOW: Pensions can help you comply with auto-enrolment, so you can focus on your business and 2 Automatic Enrolment Summary The government is introducing requirements
More informationA Guide to the Local Government Pension Scheme for Employees in England and Wales. Hampshire Pension Fund
A Guide to the Local Government Pension Scheme for Employees in England and Wales Hampshire Pension Fund Employees in England and Wales April 2014 Index 1. About this Booklet 2. About the Local Government
More informationSage Online Solutions
Safe and simple online accounting and payroll for small businesses 1 Overview Introduction Times are changing. Like the way we do our weekly food shop or research the latest gadget, more and more people
More informationHR Service Level Agreement 2013 / 14
HR Service Level Agreement 2013 / 14 Why use City of York Council HR Service There are a number of reasons why you should choose to work with the York HR Service: HR understands education and can apply
More informationYour retirement income. Exploring your options
Your retirement income Exploring your options Contents 01 Accessing your pension savings with Standard Life 03 What do you want to do with your pension pot? 09 A regular retirement income for the rest
More informationEMPLOYEE APPLICATION FORM LOCAL AUTHORITY AVC FOR OFFICE USE ONLY. Agency Number. Referral Type. Introducer Code. Vantive Lead ID
EMPLOYEE APPLICATION FORM LOCAL AUTHORITY AVC Agency Number FOR OFFICE USE ONLY Referral Type Vantive Lead ID Introducer Code (if different from above) Campaign Code SB Code S B Branch Sort Code Please
More informationKEY GUIDE. Investing for income when you retire
KEY GUIDE Investing for income when you retire Planning the longest holiday of your life There comes a time when you stop working for your money and put your money to work for you. For most people, that
More informationDetailed guidance for employers
April 2016 11 Detailed guidance for employers Automatic re-enrolment: Putting workers back into pension scheme membership Publications in the series 1 2 3 3a 3b 3c 4 5 6 7 8 9 10 11 Employer duties and
More informationSage Online Solutions. Safe and simple online accounting and payroll for accountants and bookkeepers
Safe and simple online accounting and payroll for accountants and bookkeepers Overview Times are changing. Like the way we do our weekly food shop or research the latest gadget, more and more people are
More informationEmployees Questions & Answers
Employees Questions & Answers Next practice in rewards and benefits Who will be affected by these changes? The changes will only affect you if you join your employer s scheme on or after 6 April 2011.
More informationKey features of the Flexible Pension Plan
For customers Key features of the Flexible Pension Plan Contents Its aims 2 Your commitment 2 Risks 3 Questions and answers 4 Other information 8 How to contact us 9 The Financial Conduct Authority is
More informationSTAKEHOLDER PENSION SCHEME (UK, N+ & Global staff) A Guide to the Stakeholder Pension Scheme
STAKEHOLDER PENSION SCHEME (UK, N+ & Global staff) A Guide to the Stakeholder Pension Scheme The Stakeholder scheme is a money purchase scheme - this means it does not offer guaranteed benefits related
More informationCycle Scheme Policy and Procedure
Cycle Scheme Policy and Procedure Ratification Process Lead Author: Developed by: Approved by: Ratified on and by: Senior OD & HR Manager, C&P CCG Senior OD & HR Manager, C&P CCG Joint Consultation and
More informationKEY FEATURES OF THE MORTGAGE REVIEW PLAN. Important information you need to read
KEY FEATURES OF THE MORTGAGE REVIEW PLAN Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS, TO GIVE YOU THIS IMPORTANT
More informationThe Help to Buy: equity loan scheme What you need to know before you go ahead
Page 1 of 5 The Help to Buy: equity loan scheme What you need to know before you go ahead What is the Help to Buy: equity loan scheme? The Help to Buy: equity loan scheme is a Government backed programme
More informationPayroll Why payroll outsourcing could be the best decision you make tod ay.
Payroll Why payroll outsourcing could be the best decision you make tod ay. HR. EMPLOYEE BENEFITS. AUTO ENROLMENT. What is outsourcing? Businesses can outsource their whole payroll function or enjoy bespoke
More informationSage 50 Payroll Up to 25 Employees Annual Licence Plan
Sage 50 Payroll Up to 25 Employees Annual Licence Plan Sage 50 Payroll annual licence plan helps take away some of the pressure of processing your payroll. It's easy to install, set up and use - and comes
More informationDirect Earnings Attachments: An Employer s Guide
Direct Earnings Attachments: An Employer s Guide Correct As At 01/04/15 1 1: Contact Details If you have any queries regarding the Direct Earnings Attachment please telephone Accounts Receivable on 01723
More information