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Where Taxpayers and Advisers Meet

salary sacrifice

jimboger1
Posts:7
Joined:Mon Nov 06, 2023 6:05 pm
salary sacrifice

Postby jimboger1 » Sat Mar 30, 2024 10:49 am

hi all
ive around 2 years left until my retirement, and from April this year I'd like to pay a lot of my monthly salary into my pension, both to bolster my pension, and to save on tax
I'm not exactly sure how this works, and my employer isn't too sure how either, although hey have agreed to pay 50% of the NI saved back into my pension

are there 2 ways to do it? -

1. just increase my pension contributions from 5.5% to say 40% (my employer puts in 5.5%)

or

2. ask my employer to put in a set amount and I keep my contributions 'as is'

my salary is £85k/year - hope someone can help


thanks in advance

Jim

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