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Scottish Widow's Salary Exchange

Katgoddess
Katgoddess Posts: 1,821 Forumite
Part of the Furniture 1,000 Posts
in Pensions, annuities & retirement planning
My partner's company are switching over to this for pensions, but it's all a bit confusing as I can't find anything independant about it. Is it the same as a salary sacrifice? Is it a good thing? It won't bring him below minimum wage or anything. TIA.

Comments

  • Dox
    Dox Posts: 3,116 Forumite
    1,000 Posts Third Anniversary Name Dropper
    Yes, it's the same. Yes, it's (almost always) a good idea. See https://www.moneyadviceservice.org.uk/en/articles/salary-sacrifice-schemes
  • dunstonh
    dunstonh Posts: 121,215 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ut it's all a bit confusing as I can't find anything independant about it.

    Salary sacrifice (the generic name for it) has been around since the late 80s. So, it is long been available. It was niche back then but since auto-enrolment, it has become very mainstream.

    All quite normal and rarely any issue to worry about nowadays (in the past there was if you wanted a mortgage but not an issue now).
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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