Salary sacrifice cuts could damage retirement savings

cityam

Nov 13

People are preparing to contribute less if salary sacrifice is changed Brits will save less into their pensions if rumoured changes to salary sacrifice schemes are confirmed in the Budget, putting ...

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savings","media":"cityam","content":"<div>\n<p>People are preparing to contribute less if salary sacrifice is changed  Brits will save less into their pensions if rumoured changes to salary sacrifice schemes are confirmed in the Budget, putting ...</p>\n\n<a href=\"https://www.cityam.com/salary-sacrifice-cuts-could-damage-retirement-savings/\">Source Link</a>\n\n</div>\n","source":"cityam_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Salary sacrifice cuts could damage retirement savings</title>\n<style 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...</p>\n\n<a href=\"https://www.cityam.com/salary-sacrifice-cuts-could-damage-retirement-savings/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ABI","symbol_name":"VictoryShares Pioneer Asset-Based Income ETF","start_time":0,"source_url":"https://www.cityam.com/salary-sacrifice-cuts-could-damage-retirement-savings/","article_id":"2583599693","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2024/10/01JBEPJFE6X7TX996CE16G4ER5-e1732189269346.jpg?w=824&h=463&crop=1"],"rights":{"source":"cityam_highlight","url":"https://www.cityam.com/salary-sacrifice-cuts-could-damage-retirement-savings/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2583599693","pubTimestamp":1763044692,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"People are preparing to contribute less if salary sacrifice is changed  Brits will save less into their pensions if rumoured changes to salary sacrifice schemes are confirmed in the Budget, putting individual retirements and economic growth at risk.According to the Association of British Insurers , nearly 40 per cent of people will put less into their pension if Chancellor Rachel Reeves decided to cap salary sacrifice schemes at the end of the month.The schemes allow employees to give up a portion of their salary for other benefits, such as childcare vouchers, reducing total incomes and overall income tax bills.But for many the most popular salary sacrifice is pension schemes, which lets employees boost their pension contributions by agreeing to pay cuts.This pushes them back under the 100,000 threshold, and allows parents to keep their free childcare hours.While the Treasury scrambles to fill an estimated 20bn fiscal black hole, the uncertainty and speculation has caused further harm ","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"ABI":"VictoryShares Pioneer Asset-Based Income ETF"},"translate_title":"减薪牺牲可能会损害退休储蓄","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ABI":1},"content_text":"People are preparing to contribute less if salary sacrifice is changed  Brits will save less into their pensions if rumoured changes to salary sacrifice schemes are confirmed in the Budget, putting individual retirements and economic growth at risk.According to the Association of British Insurers (ABI), nearly 40 per cent of people will put less into their pension if Chancellor Rachel Reeves decided to cap salary sacrifice schemes at the end of the month.The schemes allow employees to give up a portion of their salary for other benefits, such as childcare vouchers, reducing total incomes and overall income tax bills.But for many the most popular salary sacrifice is pension schemes, which lets employees  boost their pension contributions by agreeing to pay cuts.\n\nThis pushes them back under the £100,000 threshold, and allows parents to keep their free childcare hours.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPension scheme allows employees to put up to £60,000 a year into a pension tax free through salary sacrifice, while also allowing both themselves and employers to dodge national insurance.Trouble with capsHowever, this tax advantage could soon be stripped away, as rumours Reeves’ is considering a £2bn raid on UK retirement savings continue to grow.Under the new proposals, the exemption is expected to be capped at £2,000 per employee per year, meaning further contributions will be subjected to national insurance rates of eight per cent on salaries under £50,270, with two per cent on any income above that total.\n\nWhile the Treasury scrambles to fill an estimated £20bn fiscal black hole, the uncertainty and speculation has caused further harm to worker’s confidence in the pension system, as the cost of saving for retirement gets increasingly expensive.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}