Workplace pension/Salary sacrifice

HustleGang

Hi all,

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 SS 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?

greenglide

Pension contributions by salary sacrifice are all employer contributions. The employer has notionally reduced your salary and paid the same amount into the pension scheme. This reduces your NI paid and is generally "a good thing".

The small amount paid it 2016 may be a payment before salary sacrifice was set up?

HustleGang

It's really difficult for me to see exactly what I've sacrificed and what the employer has contributed. Even using the fidelity online viewer.

I don't have a set salary it changes each week, not hugely but I'm a bus driver so I can do overtime and put in dockets ECT, how do they work out what reducing my salary is if I don't have a set salary?