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  1. #1

    Workplace pension/Salary sacrifice

    I've been a member of my workplace pension since May 2016, In have only just started to research and learn about finance and how all this stuff works.

    I have a few questions if you don't mind:

    1. In have only made one contribution to my pension which was 55p, in May 2016, which baffled me as I assumed they took a percentage from my gross pay, I assume this means I'm part of the salary sacrfice scheme?

    2. "SMART ss work ee" or something similar comes up on my pay slip, is this the same for all pension contributions or does the AS denote it's specifically for salary sacrifice?

    3. Is it possible to opt out of the salary sacrifice scheme without losing the contribution which my employer matches?

  2. #2
    On (3) why wouldn't you want to pay by salary sacrifice?

  3. #3
    I was under the impression that using salary sacrifice lowers national insurance contributions, meaning you'll have to top up your NI payments to receive full state pension ( if it still exists then)

    Also apologies as I've posted the same thread twice.

  4. #4
    Depends on the figures and what you earn. In my company, if it means you go below the threshold to lower NI payments, they won't agree it. It's specifically planned to avoid that happening.

  5. #5
    Thanks above user.

    Does anyone know how they work out a reduced salary when your on a hourly rate and paid weekly with varying income each week (bus driver)?

    I assume whatever the weeks gross pay is they'll take the % from that?


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