Important Information:
- Salary Sacrifice contribution will be taken from your payroll weekly or monthly, depending on your payroll frequency, and will be documented on your pay slip.
- Umbrella.co.uk will process your payment on or before the 6th and 23rd of each month, depending on when payroll and deductions are processed.
- For transparency, you will receive an email confirming the pension provider and contribution amount each time contributions are due to be sent.
- Once you reach your personal pension tax allowance, your contributions will automatically stop. In this situation, it will be your responsibility to contact Umbrella.co.uk to advise on future contributions for the new tax year.
- Unless the personal pension tax allowance is reached, Umbrella.co.uk will continue to process contributions through your payroll until you advise that these cease, or your current contract ends, from one tax year to the next.
- Salary Sacrifice applications/amendments are processed on a Monday. Applications/amendments after this will be processed the following week.
- Please note that we cannot process your salary sacrifice until all the required documentation has been received and confirmed with the pension provider. This documentation must include confirmation of the pension company’s bank details where funds are to be paid in to. Once the Pension Team has received the correct, completed paperwork, please allow 7 days for set up of your salary sacrifice.
- It is not permitted to change % contributions once set up, unless at the end/start of a new contract, or the start of the new tax year. You can cease contributions at any time, but cannot reinstate unless in the aforementioned circumstances.
- In some specific circumstances, % can be amended; however, there are strict rules governing this, so please refer to the government guidelines on salary sacrifice on the GOV website here for further information.
- Umbrella.co.uk strongly recommends consulting a financial advisor to confirm your allowance and determine the most suitable contribution approach for your circumstances.
Please see our Guide to Salary Sacrifice for more information, and if you have any further questions, do not hesitate to contact us.