HOYER UK Pension Salary Exchange
In May 2015, HOYER UK introduced a Pension Salary Exchange arrangement for members of our pension schemes, enabling employees to save money on National Insurance.
By participating in the Pension Salary Exchange arrangement you do not make personal contributions into the Plan, your pensionable pay decreases by the amount you would have contributed and the Company's contributions to the Plan increase by the same amount. By doing this, you pay lower National Insurance Contributions and your take home pay will increase*. Pension Salary Exchange does not change the total amount of contributions paid into your pension Fund; it just means that all contributions are made by HOYER UK.
We have received a number of positive comments from employees who have now seen the financial benefits of membership and we are now giving all non-members the opportunity to opt back in again at our annual pension renewal.
* When Pension Salary Exchange was introduced, the Company identified categories of individuals for whom it may not be advantageous to join and, therefore, did not automatically opt them into the Scheme. This covered employees over the State Retirement Age, who no longer pay National Insurance Contributions and would not benefit from the savings, together with anyone whose annual earnings, after Pension Salary Exchange, are at a rate of £13,500 or less pro rata per annum (known as the Pay Protection Limit), for whom participation in Pension Salary Exchange may have a negative impact on their entitlement to certain State benefits.