1 Salary Sacrifice Arrangements
Salary sacrifice can be an important consideration when reviewing workplace pension arrangements and employee benefits.
Under an agreed salary sacrifice arrangement, an employee gives up part of their contractual salary in exchange for an employer-provided benefit, such as an increased pension contribution.
Depending on the arrangement and individual circumstances, this may create potential National Insurance savings for employers and employees.
Businesses should consider the effect on contractual salary, pensionable pay, statutory payments and other salary-related benefits before implementing an arrangement.
2 Reviewing Employee Benefits
An effective benefits strategy should consider which benefits employees value and whether those benefits are clearly communicated.
Humboldt Financial can help employers consider:
- Workplace pension arrangements.
- Salary sacrifice opportunities.
- Financial education and employee guidance.
- Flexible and voluntary employee benefits.
- Financial support across different life stages.
- Communication and engagement with existing benefits.