In the wake of huge changes to the pension system including Auto Enrolment and Pension Freedoms, during November 2017 the government introduced a new Salary Sacrifice Scheme, deeming “pension advice” as a non-taxable benefit which can qualify for salary sacrifice arrangements, up to a limit of £500 per annum.
Save up to £310 on the cost of financial advice
When you pay for financial advice related to your pensions you can now reclaim up to £310 thanks to our new workplace benefit - Pension Advice Vouchers.
Pension Advice Vouchers allows you to swap up to £500 of your salary (that would usually be taxed) for a £500 tax free reimbursement. That means you will save the tax and national insurance that you would otherwise have paid (and could be as much as £310).
If you've already paid for financial advice this tax year then you can claim your Pension Advice Vouchers today. Alternatively if you're looking for advice, you can request a free consultation with a suitable financial adviser.
In light of the tough times your employees are facing, we are sharing our Top 10 practical steps employees can take to protect their finances during Covid-19. We have also built a comprehensive “hub”, curating the most current and relevant resources from Hatch, MoneySavingExpert, Which? and more. We will be updating this hub as the situation progresses.
With employees' financial wellbeing one of the areas most affected by the virus, we're sure you wish there was more you could do to support. Check out our new Reward Director’s Guide to Financial Wellbeing which includes quick wins, longer-term strategy, and further information on how Hatch can help.
A final heads up - understanding that many employees are facing immediate financial challenges, we have launched Money Coaching and Money Chat - two low cost (non-profit) services to help people manage on reduced pay.
Our core financial coaching service is currently operating remotely as normal and at full capacity.