Sacrifice bonus for employer contribution:
· March and April is typically the time of year when many companies pay annual bonuses. Sacrificing a bonus for an employer pension contribution before a tax year end can bring several positive outcomes.
· The employer and employees NI savings made could be used to boost pension funding, giving more in the pension pot for every £1 lost from take home pay. And the individual’s taxable is reduced, potentially recovering personal allowance or avoiding the child benefit tax charge.