Umbrellas that allow you to pay > £3300 p/m into pension via salary sacrifice?

[Olly]

The umbrella the agency have suggested I use only allow a max monthly pension contribution via salary sacrifice of £3300.
Not withstanding that £40K/12 = £3333.33 the issue I have is that I need to make up for some lean months and pay in more than that as a one-off but they won't allow it.
Does anyone know of an umbrella that does please? Thanks

[eek]

Speak to Lucy at Clarity...

[Heathmount]

I’m with Paystream, no problem with salary sacrifice of more than £3300 per month. No upper limit was specified and it’s up to me to ensure I have enough carry forward and relevant earnings to cover it.

[Acme Thunderer]

The umbrella the agency have suggested I use only allow a max monthly pension contribution via salary sacrifice of £3300.
Not withstanding that £40K/12 = £3333.33 the issue I have is that I need to make up for some lean months and pay in more than that as a one-off but they won't allow it.
Does anyone know of an umbrella that does please? Thanks

I think the one-off part is the problem. Like Heathmount I'm with Paystream but they will not allow variations in the Salary Sacrifice amount within a tax year without very good reason. That is a limitation from HMRC

Change the terms of a salary sacrifice arrangement

The important part of the text is (my bold)

As a general rule, if an employee swaps between cash earnings and a non-cash benefit whenever they like, any expected tax and National Insurance contributions advantages under a salary sacrifice arrangement will not apply. There are some exceptions to this, Employment Income Manual 42755 gives more information

[eek]

Worth quoting the changes were a change can be made mid year

This may include:

• changes to circumstances directly arising as a result of coronavirus (COVID-19)
• marriage
• divorce
• partner becoming redundant or pregnant

Salary sacrifice arrangements can allow opting in or out in the event of lifestyle changes like these.

Its never been tested but I believe you can argue that an "unexpected" contract renewal would count as a suitable event.

Equally it's possible to change the rules if your employer changes so just switch umbrella.

[lucyclarityumbrella]

Well post budget, you will soon be able to do £60k over the 12 month period

[ekim]

Speak to Lucy at Clarity...

I did a couple of months ago. Clarity could offer Nest or an “introduction” to Saint James Place, no payment into SIPP or existing pension providers. Has that changed?

[eek]

I did a couple of months ago. Clarity could offer Nest or an “introduction” to Saint James Place, no payment into SIPP or existing pension providers. Has that changed?

That’s never been the case - I know that Clarity allow payments to a number of pension providers

[ekim]

Thanks, that’s good to know as I imagine it would make them a non-starter for most

[lucyclarityumbrella]

We can make payments now to certain providers, so it is very much dependent on the pension company you are with.