| Payroll & HR Talk |
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Welcome to the Wednesday edition of the PayPerShop Newsletter in which we feature the latest gossip from this week's press releases and recent postings from the PayPerShop Forum.
In case you missed this week's UK payroll news, click here.
Best wishes,
Bethany Congreave
PayPerShop Editor
bethany@paypershop.com
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Subject: Effect of New Basic Rate Tax on Pension Contributions
Poster: LESLEY HALLIGAN
I wonder if anyone could help me with the following question:
Under our current group pension scheme, the company will make a matching contribution into the scheme provided the employee contributes above a 5% rate.
Due to the change in the basic rate of income tax from 22% to 20% from the 6th April, in order for our employees to maintain the gross contribution into the scheme at their current rate and therefore retain the employer’s contribution at the matching rate, the net contributions currently collected though payroll would have to be increased.
For example an employee earning £18000 per year making a 5% matching contribution would have a net deduction of £58.50 from his monthly salary, the total investment into his pension plan would be £58.50 + £16.50 (22% tax relief added back) total investment = £75.00 + £75.00 from employer
From the 6th April in order for the employee to continue to attract the matching employers 5% contribution, the employees % contribution would have to increase so that the net deduction would become £60.00 the total investment into his pension plan would be £60.00 + £15.00 (20% tax relief added back) total investment = £75.00 + £75.00 from employer
Although in normal circumstances we would not require the employee’s written authority to take an increase in contributions if their pensionable salary increases, in this particular case are we required to request written authority from each member to make the increase to their % contribution rate?
Regards,
Lesley
To reply to this post, click HERE
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Subject: NMW Accommodation Offset from 1st Oct 2008?
Poster: Alison Hull
Hi all,
Does anyone know if the new Accomodation Offset for NMW purposes (currently £30.10pw) has been published yet? I can't find it anywhere. Also, do you know if there is any way of taking account of much greater expenses incurred for live-in staff? For example, they may be on less than NMW, but get accomodation and full meals.
Grateful for any thoughts.
Alison
To reply to this post, click HERE
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About PayPerShop |
The PayPerShop newsletters are intended to raise awareness of payroll and HR-related developments that may affect employers. PayPerShop provides information, not advice. Readers should examine the sources quoted and should obtain proper legal advice in relation to specific situations.
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