SMART guide - Sainsburys Pensions

More documents

Recommendations

Info

Can being in SMART affect my tax credits?Any tax credits such as child tax credit or working tax credit you receive may beaffected as the total pay shown on your P60 will be lower than if you were notin SMART. Your P60 will show your total pay less the amount you’ve sacrificed.If you’re unsure of the effect on your tax credits, check on www.gov.uk.How will SMART affectmy income tax position?SMART will not affect your income tax.6 Sainsbury’s Pension SchemeNEXT PAGE
Does SMART affect the amountI can pay into my pension?No, you pay a set amount of your pensionable pay to be in the Sainsbury’sPension Scheme.SMART could affect the amount you pay into your pension if you’re thinking aboutpaying Top Up contributions or if you contribute to a pension outside Sainsbury’s.The maximum contribution which can be made to your pension without payingextra tax changes from year to year. The maximum limit for most people is yourtotal taxable earnings each year (there are new limits for higher earners. Checkwww.gov.uk or ring the Pensions Department if you are a higher rate tax payerand need more details).Being in SMART will reduce the amount you can pay only if you want to contributeall of your pay into the Scheme as your total pay is reduced by the amount you havesacrificed into the Scheme.If you wish to pay close to the maximum allowance, you may wish to consideropting out of SMART or getting financial advice. You can find independent financialadvisers in your area by contacting IFA Promotions Limited through their websitewww.unbiased.co.uk.7 Sainsbury’s Pension SchemeNEXT PAGE
Page 1: SMARTandyour pensionSainsbury’s P
Page 5: Can being in SMARTaffect my pay?Sal

SMART guide - Sainsburys Pensions

Create successful ePaper yourself

Delete template?

Save as template?