HMRC does not usually allow changes to salary sacrifice agreements during employment unless the change is a result of 'life-altering' circumstances. This restriction is in place to ensure the integrity, fairness and consistency of pension contributions and tax benefits.
You can read more about this via HMRC here.
This means that you can only change the value of pre-agreed pension deductions in special circumstances. Examples of such circumstances include:
- Marriage or divorce
- Birth or adoption of a child
- Serious illness or disability affecting you or a dependent
- Significant changes in your financial circumstances. Examples of this might be:
- Change in hourly rate
- Change in circumstances such as moving house / buying a home / increased credit
- New financial year / tax or NI rate changes from HMRC
- Retiring / leaving a job / changing rates or workplace
- A change to your working pattern or working hours
💡 If you wish to update in line with bank holidays and annual leave, it would be best for you to consider a PERCENTAGE deduction, that fluctuates in line with your weekly / monthly income. We can advise on this if you are unsure.
If you wish to make changes to your salary sacrifice agreement, from 6th April 2024 our Change of Details/Amounts Form will require you to provide a reason for the change. These reasons will be reviewed by our Pensions Team and changes actioned only if the reasons for the change are considered a significant change in your personal circumstances.
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Click here to change change your SIPP value Updates will be processed within 5 working days. If you have an IFA, please inform them. Changes will appear in your next payroll and future remittances. |
Not sure how much you want to pay on?
If you would like to receive a pay projection with your new pension amount before you decide whether to change it please email our friendly team at sales@nasagroup.co.uk.