Shared Cost AVC Webinars
From 6 April 2029, the rules on salary sacrificed pension contributions are changing.
This means that pension contributions above £2,000 made through employer salary sacrifice schemes will be subject to National Insurance (NI) contributions. This will affect Shared Cost Additional Voluntary Contributions (Shared Cost AVCs), as they are paid through salary sacrifice.
At present, Shared Cost AVCs offer a tax-efficient way to build additional pension savings. This is because the money you pay towards them comes out of your gross pay before it is taxed, meaning it receives both Income Tax relief and NI relief. From April 2029, only the first £2,000 of any pension made through salary sacrifice will be exempt from NI payments, and any salary sacrificed pension above that will not earn NI relief.
If you are already paying into a Shared Cost AVC or are considering paying in, the following free webinars are being hosted by My Money Matters to help provide more information on this change and what it may mean for your pension:
- Mon 10th Aug 12:30pm
- Tues 11th Aug 10.30am
- Wed 12th Aug 10.30am
- Thurs 13th Aug 12.30am
- Fri 14th Aug 10.30am
For more information visit My Money Matters here.
