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Salary sacrifice: Millions of pension savers impacted by overhaul Personal Finance Millions of UK pension savers are set to be hit by salary sacrifice changes unveiled in the Budget, according to new figures. According to figures published by HM Revenue and Customs (HMRC), an estimated 7.7m employees use salary sacrifice to make pension contributions. This means employees effectively take a pay cut in exchange for higher [...]
Salary sacrifice cap will hit ordinary earners hardest, research finds Personal Finance Reeves’ crunch Budget measures ranged from freezing income tax thresholds to fresh levies on milkshakes and lattes as she sought to lower the UK’s fiscal headroom. But it was her decision to rip up the salary sacrifice scheme that sparked the largest reaction from employers and employees alike. Under the most popular form of salary [...]
Autumn Budget: Salary sacrifice pension contributions capped Business Chancellor Rachel Reeves has ripped up the salary sacrifice scheme regime, to the chagrin of both employers and employees, and could potentially put Brits’ pension savings at risk. Salary sacrifice allows employees to give up a portion of their salary for other benefits, such as childcare vouchers and electric vehicle grants, reducing total income and [...]
Brits don’t believe this is a country that rewards hard work November 12, 2025 What conversations are you having at work, at home, in the pub? There’s plenty to talk about, from Traitors (BBC good?) to trust in public broadcasting (BBC bad?) to say nothing of football, Remembrance Day, the weather and Christmas. Looking beyond these topics, is it possible to discern the national mood? Do we feel that [...]
I’m 31 and pay thousands into my pension: taxing my contributions could be the last straw November 11, 2025 The Chancellor’s threat of a a two per cent national insurance tax on salary sacrifice contributions above £2,000 is deeply unfair, says Martin Kimber People tend to look at me like I’ve just admitted to collecting antique Victorian dolls when I tell them I sacrifice 15 per cent of my salary into a pension. However, [...]
Autumn Budget: How could Rachel Reeves change salary sacrifice rules? November 10, 2025 Salary sacrifice schemes have allowed Brits earning more than £100,000 to avoid high taxes since the 1970s. While a pay rise can be lucrative for some employees, for others being dragged over the £100,000 threshold can be financially damaging, particularly for parents of young children who risk having their free childcare hours pulled away and [...]
Reeves eyes clampdown on salary sacrifice in latest stealth tax on high earners November 8, 2025 Rachel Reeves is preparing to tighten the rules on salary sacrifice schemes in what would amount to a stealth tax raid on pension savings, as the chancellor searches for ways to fill a yawning £30bn black hole in public finances. Reeves will use her November Budget to cap the amount that workers can pay into [...]