Do I need to be concerned about the pension contributions change?

somerandomusername

I'm very uneducated about how all this works and I don't even know if I'm doing salary sacrificed contributions or not.

So I get paid 13 times per year and I contribute about £335 each time into my company pension. My employer contributes about £165.

Can I ignore this salary sacrifice change or do I need to be aware of it for any reason? 

SVaz

Doesn’t sound like you use Salary sacrifice.

NoMore

You have until 2029 to figure it out so no rush

Dazed_and_C0nfused

somerandomusername said:

I'm very uneducated about how all this works and I don't even know if I'm doing salary sacrificed contributions or not.

So I get paid 13 times per year and I contribute about £335 each time into my company pension. My employer contributes about £165.

Can I ignore this salary sacrifice change or do I need to be aware of it for any reason? 

Have you agreed to a reduction in your salary, in return for extra employer contributions to your pension?

If not then you won't be using salary sacrifice 

Marcon

somerandomusername said:

I'm very uneducated about how all this works and I don't even know if I'm doing salary sacrificed contributions or not.

So I get paid 13 times per year and I contribute about £335 each time into my company pension. My employer contributes about £165.

Can I ignore this salary sacrifice change or do I need to be aware of it for any reason? 

Maybe finding out would be a good starting point? Your line manager or HR dept if you have one will be able to assist.

somerandomusername

Dazed_and_C0nfused said:

somerandomusername said:

I'm very uneducated about how all this works and I don't even know if I'm doing salary sacrificed contributions or not.

So I get paid 13 times per year and I contribute about £335 each time into my company pension. My employer contributes about £165.

Can I ignore this salary sacrifice change or do I need to be aware of it for any reason? 

Have you agreed to a reduction in your salary, in return for extra employer contributions to your pension?

If not then you won't be using salary sacrifice 

Well without paying into my pension I'd take home about £2,000 per month, but because I am "reducing?" my salary by £335 I only take home £1,665. 

Does that count as a reduced salary? I basically give up 15% of my salary in exchange for 15% into pension.

Grumpy_chap

somerandomusername said:

Dazed_and_C0nfused said:

somerandomusername said:

I'm very uneducated about how all this works and I don't even know if I'm doing salary sacrificed contributions or not.

So I get paid 13 times per year and I contribute about £335 each time into my company pension. My employer contributes about £165.

Can I ignore this salary sacrifice change or do I need to be aware of it for any reason? 

Have you agreed to a reduction in your salary, in return for extra employer contributions to your pension?

If not then you won't be using salary sacrifice 

Well without paying into my pension I'd take home about £2,000 per month, but because I am "reducing?" my salary by £335 I only take home £1,665. 

Does that count as a reduced salary? I basically give up 15% of my salary in exchange for 15% into pension.

Is that a requirement anyway for the rues of the employer scheme to which you are a member?
OR, do you "reduce" your salary by more than required on a voluntary basis?

You also have until 2029 to confirm - a lot can happen between now and then.

somerandomusername

Grumpy_chap said:

somerandomusername said:

Dazed_and_C0nfused said:

somerandomusername said:

I'm very uneducated about how all this works and I don't even know if I'm doing salary sacrificed contributions or not.

So I get paid 13 times per year and I contribute about £335 each time into my company pension. My employer contributes about £165.

Can I ignore this salary sacrifice change or do I need to be aware of it for any reason? 

Have you agreed to a reduction in your salary, in return for extra employer contributions to your pension?

If not then you won't be using salary sacrifice 

Well without paying into my pension I'd take home about £2,000 per month, but because I am "reducing?" my salary by £335 I only take home £1,665. 

Does that count as a reduced salary? I basically give up 15% of my salary in exchange for 15% into pension.

Is that a requirement anyway for the rues of the employer scheme to which you are a member?
OR, do you "reduce" your salary by more than required on a voluntary basis?

You also have until 2029 to confirm - a lot can happen between now and then.

I'm not sure I guess I'll have to confirm with my employer. 

Well I don't reduce my salary in terms of hourly rate. Everyone who does my job gets paid the same hourly rate, some don't pay anything into their pension, some pay into it an equal amount to what the employer will match, others, like me, pay more. 

The amount I get paid after tax decreases by the amount I contribute, naturally. But on paper, my assigned pre tax salary is the same as everyone else's. 

Veteransaver

Check your payslip would give you a clue 
If the pension payment shows as a negative on the earnings side of the payslip (usually the left hand side) then it is sacrificed.
If it comes off as a deduction on the right hand side then it isn't.
If the employer are matching then it is more than likely salary sacrifice.

somerandomusername

Veteransaver said:

Check your payslip would give you a clue 
If the pension payment shows as a negative on the earnings side of the payslip (usually the left hand side) then it is sacrificed.
If it comes off as a deduction on the right hand side then it isn't.
If the employer are matching then it is more than likely salary sacrifice.

It's a bit of both, it shows up under the deductions section on the right of the payslip, along with NI, PAYE. It's listed as "retirement savings plan". 

But it is matched, up to 7.5%, I contribute 15% and they match up to 7.5% which is the max they will match.

Dazed_and_C0nfused

somerandomusername said:

Veteransaver said:

Check your payslip would give you a clue 
If the pension payment shows as a negative on the earnings side of the payslip (usually the left hand side) then it is sacrificed.
If it comes off as a deduction on the right hand side then it isn't.
If the employer are matching then it is more than likely salary sacrifice.

It's a bit of both, it shows up under the deductions section on the right of the payslip, along with NI, PAYE. It's listed as "retirement savings plan". 

But it is matched, up to 7.5%, I contribute 15% and they match up to 7.5% which is the max they will match.

If you are contributing to the pension it cannot be salary sacrifice as you wouldn't be contributing anything with salary sacrifice.

It would all be employer contributions.

But you really should find out for certain from your employer/payroll person.