Pension
Every UK business must provide all qualifying employees with a pension.
You can use ANY pension provider with your benefits portal.
Our portal allows you to use any wording you wish to promote this benefit.
Salary Sacrifice
Pensions can be confusing. Employees will typically have several different pensions from previous employers and all with different rules. Let BORIS help you to communicate your scheme rules to employees. If you don’t already offer ‘salary sacrifice’ then you are missing out on Employer NI savings, which could be used to pay for other benefits!
How it works
With Salary sacrifice employees choose to give up part of their salary in return for an increased employer pension contribution. As the contributions are deducted from gross pay, employees pay less tax and National Insurance. Employers also save National Insurance!
While some employers agree to contribute some or all of their NI savings into the employees’ pensions, other employers retain the savings to put towards other benefits.
Advice
Your pension scheme provider or adviser should be able to provide you with all the scheme information you need to put on BORIS. It is important that individuals understand the basics of pensions as the decisions they make now will impact on their finances in retirement. Many BORIS users promote the services of their pension adviser as a benefit. Maybe worth considering?
State Pension
In addition to their company pension, it is worth reminding employees how much (or little!) they can expect to receive as a State pension.
State Pension
The maximum state pension for someone who works for 35 years is £175.20 per week (just over £9,000 per annum). This is payable from the individual’s State Pension Age, which will be at least 67.
This table from the GOV.UK website shows the number of years that need to be worked for an individual to qualify for the increasing amounts.
*Figures accurate as of Oct 2020