Save money with salary sacrifice
Cut your business' and employees tax bills with a salary sacrifice pension.
Get free, no-obligation, consultation and easy implementation as part of our service.
Free consultation and easy implementation
Within a couple of free, no-obligation, consultation calls we help businesses understand how they can save thousands for themselves and their employees.
When it comes to salary sacrifice implementation, we make it easy by doing the heavy lifting:
- We run a salary sacrifice explainer webinar for employees and answer any questions from staff.
- We provide a straightforward form which can be filled out by each employee wishing to opt in to the scheme.
- We help businesses write a letter of agreement to be sent to each employee to authorise opt-ing in to the scheme
- We update, each month, any additional employees who wish to be opted into the salary sacrifice scheme.
We’ve supported thousands of employees switching to salary sacrifice pension contributions in these ways for years.
“Salary Sacrifice enabled our team to save more of what they earn. This has been extremely important recently with the ever increasing cost of living.
The business being able to benefit from employer savings is also a win. Savings can be used elsewhere or passed back to the team to further enhance staff benefits,
There are many benefits to Penfold, from being able to offer a Salary Sacrifice scheme, easy to use app and instant access to pension information, simplifying pension jargon helping our teams better understand pensions, great support via the helpdesk, along with a very straight forward set up / transition when moving on from our previous provider.”
Michelle Kangellaris, Director of People & Culture, Glint
"Before Penfold, our pension scheme just wasn’t fit for purpose. We weren’t able to offer salary sacrifice and all employees who were earning above the basic tax rate had to claim back directly from HMRC"
Now, our employees are benefiting from a scheme that gives them full visibility into how much they’re saving, where their pension is invested in and that ultimately allows them to self-serve wherever possible.
The support offered by Penfold on the implementation and day-to-day support has been superb, and reduced the amount of work that the finance team had to do previously."
Mobeen Rasheed, Head of Finance, Attest
Salary sacrifice explained
What is salary sacrifice? Salary sacrifice is a government scheme designed to help employers and employees reduce their tax bill by swapping part of their salary for another benefit. Read more in our What is salary sacrifice? article.
What is a salary sacrifice pension? A salary sacrifice pension allows an employee to swap part of their salary in exchange for higher pension contributions. Read more in our Salary sacrifice for pensions article.
Employer benefits of salary sacrifice: The primary benefit is cutting a company's tax bill as salary sacrifice reduces the amount of National Insurance a company owes.
Employee benefits of salary sacrifice: The biggest benefit is helping employees keep more of what they earn by reducing National Insurance contributions.
Learn how to save money with salary sacrifice
Or, find out more about Penfold's tech-first workplace pension that helps your team secure their financial future.
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