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Understanding pension payments

Financial Education
pensions pension payments tax relief tax Employees Financial wellbeing

Many employees already have either a workplace or personal pension. However, most employees don't even know that there are actually two ways to claim tax relief on a pension - and depending on the type of pension scheme that they have, the employee may need to fill in a self-assessment tax return in order to claim the full tax relief on pension contributions.

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Pension tax relief is a nightmare for employers to navigate. And when employers are the ones providing the pension, their employees are naturally going to look to the employer for help understanding the pension as well.

For many reasons, an employer might choose not to offer their pension scheme via salary sacrifice. Salary sacrifice comes with a raft of potential complications depending on employee demographics.

This downloadable guide provides a comprehensive overview of how tax relief on pension payments works. It's a great resource for both payroll providers and employers to have to hand, should employees need help understanding the deductions.

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PayDashboard is an interactive cloud payslip that integrates with your payroll software to deliver an all-encompassing employee payday experience. PayDashboard means increased efficiencies for you, and access to fairer finance for employees.

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pensions pension payments tax relief tax Employees Financial wellbeing