Umbrellas which offer 'Salary-Sacrifice' pensions

[eek]

Because I want to max out on the Pension contributions to mitigate the hit from NI

But you need to be paid living wage so you will need to take £10 or so an hour in wages for the hours you work (so £80 a day say).

Then ask for everything else beyond that amount to be put into your pension pot..

[jbeer]

But you need to be paid living wage so you will need to take £10 or so an hour in wages for the hours you work (so £80 a day say).

Then ask for everything else beyond that amount to be put into your pension pot..

You couldn't do that if after taking the £80 a day for wage , you had more that 3333 a month left over ?

If I work 3 days a week, ill have enough to cover the minimum wage and more with max pension cont. The question I have is if i don't bring in enough in a month as I didn't work much to cover the minimum wage whilst with the max pension contribution will the UC reduce my pension contribution to the amount necessary to bump up my salary or if I don't have enough to cover the max pension contribution do they also adjust it down accordingly. Similarly if I earn a lot more than normal can they bump up my pension contribution beyond the 3333 to compensate for the reduction previously. The steer i'm getting from them is that the salary sacrifice into the pension is agreed upfront and is almost like part of the contract - it doesn't appear that it can be adjusted every month depending on how much funds brought in

[eek]

You couldn't do that if after taking the £80 a day for wage , you had more that 3333 a month left over ?

If I work 3 days a week, ill have enough to cover the minimum wage and more with max pension cont. The question I have is if i don't bring in enough in a month as I didn't work much to cover the minimum wage whilst with the max pension contribution will the UC reduce my pension contribution to the amount necessary to bump up my salary or if I don't have enough to cover the max pension contribution do they also adjust it down accordingly. Similarly if I earn a lot more than normal can they bump up my pension contribution beyond the 3333 to compensate for the reduction previously. The steer i'm getting from them is that the salary sacrifice into the pension is agreed upfront and is almost like part of the contract - it doesn't appear that it can be adjusted every month depending on how much funds brought in

Where have you got the idea that the limit is £3333 a month. It may not be if you haven't maxed out your pension contributions in the past 3 years

As for everything else - ask the umbrella firms you want to use. Only they can tell you how they work and how they do their pension payments

[ladymuck]

You couldn't do that if after taking the £80 a day for wage , you had more that 3333 a month left over ?

If I work 3 days a week, ill have enough to cover the minimum wage and more with max pension cont. The question I have is if i don't bring in enough in a month as I didn't work much to cover the minimum wage whilst with the max pension contribution will the UC reduce my pension contribution to the amount necessary to bump up my salary or if I don't have enough to cover the max pension contribution do they also adjust it down accordingly. Similarly if I earn a lot more than normal can they bump up my pension contribution beyond the 3333 to compensate for the reduction previously. The steer i'm getting from them is that the salary sacrifice into the pension is agreed upfront and is almost like part of the contract - it doesn't appear that it can be adjusted every month depending on how much funds brought in

I really think you're overthinking it.

Assume for every day worked, you need to be paid 8 hours at minumum wage and everything over that you put into your pension.

If the umbrella can't do that then there probably is one that can.

EDIT: I've not used an umbrella for over a decade so it's entirely possible my simple point of view is impossible.

[jbeer]

I really think you're overthinking it.

Assume for every day worked, you need to be paid 8 hours at minumum wage and everything over that you put into your pension.

If the umbrella can't do that then there probably is one that can.

I don't think I am. If it was just as you say then you could end up paying more than 40k per year into your pension. To be fair, I think my plan is different most folks but the jist of it is - will the UC adjust my contributions every month up and down as needs dictate in order to max out ? The ones I've spoke to so far don't seem to get it.
Are you with a UC - does your payslip vary every month/week depending on how much you bring in ?

[ladymuck]

I don't think I am. If it was just as you say then you could end up paying more than 40k per year into your pension. To be fair, I think my plan is different most folks but the jist of it is - will the UC adjust my contributions every month up and down as needs dictate in order to max out ? The ones I've spoke to so far don't seem to get it.
Are you with a UC - does your payslip vary every month/week depending on how much you bring in ?

It's up to you to monitor how much is going into your pension. If you see that you're going to hit the 40k limit, and you're all paid up for previous years, then you tell the UC to stop the pension payments with sufficient notice (that you will have confirmed with them in advance).

It sounds like you're expecting the UC to manage your pension for you.

[jbeer]

It's up to you to monitor how much is going into your pension. If you see that you're going to hit the 40k limit, and you're all paid up for previous years, then you tell the UC to stop the pension payments with sufficient notice (that you will have confirmed with them in advance).

It sounds like you're expecting the UC to manage your pension for you.

Im not expecting them to no. If I can do what you say then that's great - exactly what Im looking for. But as I've said before they have told me they set the pension amount in advance and thats how much they pay in every month. I'm more than happy to keep track of pension. So say we do as you say. It gets to January and I've paid in 39K. So I go back to my UC and say next month only pay 1K into my pension and adjust my salary for next month accordingly. Then tell them the following month to not pay anything into my pension and adjust my salary accordingly. So in essence the UC can adjust my salary/Pension contributions throughout the year to suit my needs - which is the question I was asking ? All for £18 a payroll run ? Can you tell me which UC does this please ?

[eek]

It's up to you to find an umbrella company that can perform the tasks you need them to do.

Why have you signed up for one without asking the questions you are now asking?

[jbeer]

It's up to you to find an umbrella company that can perform the tasks you need them to do.

Why have you signed up for one without asking the questions you are now asking?

Eh !! - when did i say I had signed up to one ? I said I had spoke to 3 of them and HAVE asked these questions - and they cant answer !

Hence I'm on here asking to see if someone knows of a UC that does as they maybe in the same situation. If you don't know the answer then no need for you to respond.

[eek]

Eh !! - when did i say I had signed up to one ? I said I had spoke to 3 of them and HAVE asked these questions - and they cant answer !

Hence I'm on here asking to see if someone knows of a UC that does as they maybe in the same situation. If you don't know the answer then no need for you to respond.

Yet you talk about an £18 payroll run.

Which isn't exactly expensive and means that the service you are going to receive is designed to be as automated as possible. Perhaps the issue is that you need to ring more companies and not pay so much attention to the price.