Many Hampshire residents wish to boost their workplace pension contributions without reducing their monthly take-home pay. Good news—this is achievable through strategic planning, especially for professionals in Winchester, Weeke, Sleepers Hill, St. Cross, and Fulflood.
Salary Sacrifice: How It Works
A salary sacrifice scheme enables you to exchange part of your gross salary for higher pension contributions. You’ll pay less tax and National Insurance, effectively increasing pension contributions without significantly affecting your net income.
Benefits of Salary Sacrifice in Hampshire
- Lower Income Tax: Reducing your taxable income results in less tax paid.
- Increased Pension Savings: The money you save in tax relief can directly boost your pension contributions.
- Employer Contribution Matching: Employers in Winchester city centre and nearby business hubs like Weeke often match or enhance contributions made through salary sacrifice.
Example:
If you’re earning £40,000 annually in Winchester and sacrifice £1,000 into your pension, your take-home pay reduces by approximately £680, while your pension receives £1,000—effectively getting more for less.
Steps to Implement Salary Sacrifice
- Discuss with HR: Speak to your employer’s payroll department or local pension advisor in areas such as Winchester city centre or Fulflood.
- Consult with a Financial Advisor: Get tailored guidance from advisors based in Hampshire, including Weeke or Sleepers Hill, to understand your specific savings potential.
Act Today
Boost your pension and take-home pay through salary sacrifice—speak to a Hampshire pension advisor now and discover how much you could save.
