Mindset over finances - am I the only one

VNX

Alexland said:I

VNX said:
Thank you. On my payslip my pension contribution shows under payments on the left and under deductions on the right.

it does say s / s so must be salary sacrifice 

If is a salary sacrifice arrangement then you won't see any tax added as a result of the contribution only that your tax and NI deducted is less than it would have been. Have a play with the MSE income tax calculator to see how much tax and NI you would have paid if you had not been sacrificing into pension contributions.

https://www.moneysavingexpert.com/tax-calculator/

I don't understand why salary sacrifice pension contribution(s) would show as a deduction on the right as mine are all on the left as negative numbers reducing the payment. The deductions on the right are the tax and NI. Are you sure you don't have a hybrid mix of salary sacrifice and normal pension contributions if it's showing on both sides? Normal pension contributions should show as deductions.

Tank you for your reply, who’s best to ask about how my scheme works? My HR department or Aviva? Thank you 

AlanP_2

VNX said:

Alexland said:I

VNX said:
Thank you. On my payslip my pension contribution shows under payments on the left and under deductions on the right.

it does say s / s so must be salary sacrifice 

If is a salary sacrifice arrangement then you won't see any tax added as a result of the contribution only that your tax and NI deducted is less than it would have been. Have a play with the MSE income tax calculator to see how much tax and NI you would have paid if you had not been sacrificing into pension contributions.

https://www.moneysavingexpert.com/tax-calculator/

I don't understand why salary sacrifice pension contribution(s) would show as a deduction on the right as mine are all on the left as negative numbers reducing the payment. The deductions on the right are the tax and NI. Are you sure you don't have a hybrid mix of salary sacrifice and normal pension contributions if it's showing on both sides? Normal pension contributions should show as deductions.

Tank you for your reply, who’s best to ask about how my scheme works? My HR department or Aviva? Thank you 

Ask your HR/Payroll people. 

Aviva are unlikely to know whether it is a SS scheme as they just see money arriving at their end.

Albermarle

AlanP_2 said:

VNX said:

Alexland said:I

VNX said:
Thank you. On my payslip my pension contribution shows under payments on the left and under deductions on the right.

it does say s / s so must be salary sacrifice 

If is a salary sacrifice arrangement then you won't see any tax added as a result of the contribution only that your tax and NI deducted is less than it would have been. Have a play with the MSE income tax calculator to see how much tax and NI you would have paid if you had not been sacrificing into pension contributions.

https://www.moneysavingexpert.com/tax-calculator/

I don't understand why salary sacrifice pension contribution(s) would show as a deduction on the right as mine are all on the left as negative numbers reducing the payment. The deductions on the right are the tax and NI. Are you sure you don't have a hybrid mix of salary sacrifice and normal pension contributions if it's showing on both sides? Normal pension contributions should show as deductions.

Tank you for your reply, who’s best to ask about how my scheme works? My HR department or Aviva? Thank you 

Ask your HR/Payroll people. 

Aviva are unlikely to know whether it is a SS scheme as they just see money arriving at their end.

Although if you look at your pension on the Aviva website ( assuming you have access) you can see how the contributions are made each month.
If there is only one payment from your employer each month and nothing from you, then it is a salary sacrifice arrangement. If you can see a contribution from you as well as the employer , it is not salary sacrifice.

VNX

Alexland said:

VNX said:
Thank you. On my payslip my pension contribution shows under payments on the left and under deductions on the right.

it does say s / s so must be salary sacrifice 

If is a salary sacrifice arrangement then you won't see any tax added as a result of the contribution only that your tax and NI deducted is less than it would have been. Have a play with the MSE income tax calculator to see how much tax and NI you would have paid if you had not been sacrificing into pension contributions.

https://www.moneysavingexpert.com/tax-calculator/

I don't understand why salary sacrifice pension contribution(s) would show as a deduction on the right as mine are all on the left as negative numbers reducing the payment. The deductions on the right are the tax and NI. Are you sure you don't have a hybrid mix of salary sacrifice and normal pension contributions if it's showing on both sides? Normal pension contributions should show as deductions.

Just looked again, my pension contribution is on the left of my pay slip, it’s also on the right under deductions along with NI and income tax but the total deductions are just NI + Income tax combined 

Alexland

VNX said:

Just looked again, my pension contribution is on the left of my pay slip, it’s also on the right under deductions along with NI and income tax but the total deductions are just NI + Income tax combined 

OK maybe it's just a quirk of your employer's payroll software that they are also showing it on the deductions side but as long as it's not in the grand total of deductions I guess it does no harm.

VNX

Albermarle said:

AlanP_2 said:

VNX said:

Alexland said:I

VNX said:
Thank you. On my payslip my pension contribution shows under payments on the left and under deductions on the right.

it does say s / s so must be salary sacrifice 

If is a salary sacrifice arrangement then you won't see any tax added as a result of the contribution only that your tax and NI deducted is less than it would have been. Have a play with the MSE income tax calculator to see how much tax and NI you would have paid if you had not been sacrificing into pension contributions.

https://www.moneysavingexpert.com/tax-calculator/

I don't understand why salary sacrifice pension contribution(s) would show as a deduction on the right as mine are all on the left as negative numbers reducing the payment. The deductions on the right are the tax and NI. Are you sure you don't have a hybrid mix of salary sacrifice and normal pension contributions if it's showing on both sides? Normal pension contributions should show as deductions.

Tank you for your reply, who’s best to ask about how my scheme works? My HR department or Aviva? Thank you 

Ask your HR/Payroll people. 

Aviva are unlikely to know whether it is a SS scheme as they just see money arriving at their end.

Although if you look at your pension on the Aviva website ( assuming you have access) you can see how the contributions are made each month.
If there is only one payment from your employer each month and nothing from you, then it is a salary sacrifice arrangement. If you can see a contribution from you as well as the employer , it is not salary sacrifice.

Thank you all for your help it says 

Current contributions

Employment contributions

Your employer is paying X 

so it is salary sacrifice thank you all for your help 

Yorkie1

trickydicky14 said:

DiamondLil said:

"£300 on Stephen King novels"    Oh lordy.... I admire your fortitude. I buy my books in charity shops. (Always donating them back when I've read them).

I'm dyslexic, boy it saves me so much money not buying books. I do know I miss out on so much not reading though.

@trickydicky14 - somewhat of an aside, but many libraries have audio books that you can 'borrow', if that is the sort of thing you might be interested in.

trickydicky14

Yorkie1 said:

trickydicky14 said:

DiamondLil said:

"£300 on Stephen King novels"    Oh lordy.... I admire your fortitude. I buy my books in charity shops. (Always donating them back when I've read them).

I'm dyslexic, boy it saves me so much money not buying books. I do know I miss out on so much not reading though.

@trickydicky14 - somewhat of an aside, but many libraries have audio books that you can 'borrow', if that is the sort of thing you might be interested in.

Thanks, yes I do listen to a lot of audio books.