Employee Terms and Conditions

Last updated 5/10/2018

Introduction

The Finance (No. 2) Act 2017 allows employers to offer pension advice as a salary sacrifice benefit.

Pension Advice Vouchers is an online voucher scheme service that (a) allows employees to spend up to £500 of their pre-tax earnings on advice or information related to their pension arrangements, and (b) allows employers to be confident that qualifying advice has been received from an appropriately authorised professional (the “Service”).  

The Service is provided by VouchedFor Limited (“VouchedFor”, “we”, “us”, or “our” as the context dictates), a company registered in England (No. 07485300) whose address is 8 Waldegrave Road, Teddington, Middlesex TW11 8HT.

The Service is offered via the website at www.pensionadvicevouchers.co.uk (the “Website”) and may also be offered via websites owned and operated by third parties independent of VouchedFor (a “Third Party Website”).  If you are accessing the Service via a Third Party Website, VouchedFor makes no representation or warranty as to the accuracy, completeness or authenticity of the information contained on the Third Party Website.

The terms and conditions set out below ("Terms") govern the use of the Service by employees.  By requesting a voucher or using the Service as an employee, you agree to comply with and be bound by these Terms (“Contract”).

1. Key Definitions

In these Terms, the following definitions shall apply:

Adviser” means the professional adviser who has provided, or who is to provide, you with Pension Advice.

Business Day” means any day (other than a Saturday, Sunday or public holiday in the United Kingdom) on which clearing banks in the City of London are generally open for business.

Effective Date” means the date you submit the Registration Form to use the Service.

Employee”, “you” or “your” means any person for whom a Pension Advice Voucher is requested (either by the Employee himself / herself, or by an Adviser on behalf of the Employee), and on whose behalf the Registration Form has been submitted.

Employer” means your employer that is offering the Voucher Scheme to its employees.

Pension Advice Vouchers” and “Vouchers” means the electronic pension advice cash vouchers which may be requested by an Employee in order to pay for or reimburse the Employee for the cost of Pension Advice he / she has received or is contractually due to receive.

Pension Advice” and “Advice” means the provision of information, guidance or advice relating to a person’s pension arrangements as defined by HMRC’s Employment Income Manual, section EIM21803.

Voucher Scheme” means the provision by VouchedFor of a method for qualifying Employees to pay in full or part for Pension Advice from an Adviser, or to be reimbursed for the cost of Pension Advice he / she has received from an Adviser.

2. Role of VouchedFor

In providing the Service, VouchedFor is not acting as a contractor or agent for any other person.

3. Accuracy of Information

By requesting a Voucher and using the Service you unconditionally confirm that the details that you provide to VouchedFor are true, fair and accurate in all material respects and complies with all applicable regulatory or statutory requirements.  You agree to promptly notify VouchedFor of any material changes in relation to your details or status which may affect your eligibility to use the Service.

4. Eligibility

4.1 In order to claim Vouchers, you must have either:

(i) received and paid for Pension Advice since the beginning of the current tax year,

OR

(ii) contractually committed to paying for Pension Advice in the current tax year. 

You must also be employed and pay tax in UK.

4.2 You may request up to £500 worth of Pension Advice Vouchers each tax year from each Employer that you they are employed by. 

4.3 You may not request more than the total cost of Pension Advice incurred in each tax year.

4.4 Pension Advice Vouchers may only be requested for Pension Advice that was not paid for via the Employee's pension fund(s).

5. Advisor Verification

5.1 Following receipt of a request for a Voucher by you, VouchedFor will seek to verify the type and value of pension advice received by you.  By making a request for a Voucher, you grant VouchedFor permission to share information (including personal data relating to you) with the Adviser and the Employer.

5.2 In order to verify a request, the Adviser must have an active account on www.vouchedfor.co.uk, and must have successfully passed that website’s verification processes.  Part of these processes will require proof that the Adviser’s firm is regulated by the Financial Conduct Authority to give financial advice.

5.3 In the event that VouchedFor is unable to verify the type or value of advice given to you by the Adviser, VouchedFor will notify the Employer via email or their online account and the request will be rejected.

5.4 Where you do not already have an Adviser, you may ask us to put you in touch with an Adviser or other pension advice service that suits your particular circumstances. Whilst VouchedFor makes every effort to ensure these recommendations are appropriate, it is your responsibility to ensure that your chosen Adviser is suitable.

5.5 VouchedFor gives no warranty and makes no representation to you as to the skills or suitability of the Adviser for your specific circumstances.  

6. Employer Approval

6.1 You agree that any request for a Voucher that has been verified by VouchedFor will not be processed unless and until:

(i) the request is approved by your Employer; and

(ii) VouchedFor receives payment for the Voucher from your Employer. 

6.2 You further agree that all payments made to you in respect of a Voucher shall be defined, calculated and provided solely at the discretion of your Employer, and that VouchedFor shall be acting solely on the instructions of your Employer.

7. Issue of Vouchers

7.1 Upon receipt by VouchedFor of your Employer’s approval of your request for a Voucher, VouchedFor shall transfer a sum equal to the value of the approved Voucher to you or your chosen Adviser (as requested by you), to such account as you or your chosen Adviser directs.   Payments may take up to three (3) days to show in the nominated account. VouchedFor shall not be responsible for any errors in the account details supplied or for any banking delays beyond its control.

7.2 You agree to:

(i) accept the Voucher as a tax and NI deductible benefit;

(ii) enter into either a salary sacrifice or salary addition mechanism to meet the cost of the vouchers;

(iii) be responsible for the cost of the Pension Advice that you receive and for presenting the Voucher to your chosen Adviser as part or full payment of that advice;

(iv) not to swap, transfer or otherwise try to trade the Voucher for any other type of supply or financial reward.

7.2 You further agree and acknowledge that VouchedFor accepts no liability for any costs and expenses incurred or suffered by you as a result of any misuse of Vouchers and/or incorrect use of the Voucher Scheme by you or as a result of loss or damage of Vouchers whilst in your possession.

8. Salary Sacrifice Amendment

Unless you and your Employer agree to amend your salary by a recognised method, you agree to and accept the terms of the Salary Sacrifice Amendment set out in the Schedule to these Terms.  

9. Your account

You agree that VouchedFor may provide your Employer with an online account through which your Employer can track the progress of existing requests for Vouchers by you.  

10. Fees

We will charge your Employers 13.8% of the reimbursement value of any Voucher provided to you, to cover the cost of running the Voucher Scheme.   The Service is provided at no cost to you.

11. Data Protection

11.1 By making a request for a Voucher, or by instructing an Adviser to make a request for a Voucher on your behalf, you grant VouchedFor permission to request and to receive relevant information and personal data relating to you from your Employer and Adviser. This includes:

(i) information about the type and value of advice received or requested by you;

(ii) confirmation that you are a client of that Adviser;

(iii) information concerning your eligibility to receive Pension Advice Vouchers (as detailed in this Contract); and

(iv) any other information or data that may necessary for processing the request for Pension Advice Vouchers.

11.2 By making a request for a Voucher, or by instructing an Adviser to make a request for a Voucher on your behalf, via a Third Party Website, you grant VouchedFor permission to request and to receive relevant information and personal data relating to you from the owner and operator of the Third Party Website.

11.3 All Employees will be invited by VouchedFor to opt in to receiving further communication from VouchedFor, including offers they may be interested in. Employees who do not opt in to receiving further communication will not be contacted except where necessary to complete the Service outlined in this Contract.

11.4 All personal data relating to you will be stored, protected and managed in line with the General Data Protection Regulation ("GDPR") and any other relevant legal requirements. Full details of how personal data relating to you is collected and used can be found in the Pension Advice Vouchers Privacy Policy (https://www.pensionadvicevouchers.co.uk/privacy-policy).  Your use of the Service signifies your acceptance of the terms of our Privacy Policy.

12. Third Party Links

The Website may contain links to other websites which are independent of VouchedFor. VouchedFor makes no representation or warranty as to the accuracy, completeness or authenticity of the information contained in any other site, and if you follow a link to another website you do so at your own risk.

13. General

13.1 These Terms shall be governed by and interpreted in accordance with English law. Disputes arising in connection with these Terms shall be subject to the exclusive jurisdiction of the English courts.

13.2 No failure or delay to exercise, or other relaxation or indulgence granted in relation to, any power, right or remedy under this Contract shall operate as a waiver of it or impair or prejudice it nor shall any single or partial exercise or waiver of any power, right or remedy preclude its further exercise or the exercise of any other power, right or remedy.

13.3 A person who is not a party to this Contract agreement shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Contract, except that your Employer may enforce paragraph 8 of this Contract. This does not affect any right or remedy of a third party which exists, or is available, apart from that Act.  The rights of the parties to terminate, rescind or agree any variation, waiver or settlement under this Contract agreement are not subject to the consent of any other person.

13.4 Each party may give any notice or other communication under or in connection with this Contract by letter to the other party’s registered office address. Any such communication shall be deemed to be served:

(i) if personally delivered, at the time of delivery and, in proving service, it shall be sufficient to produce a receipt for the notice signed by or on behalf of the addressee;

(ii) if by letter, at noon on the Business Day after such letter was posted (or, in the case of airmail, five Business Days after such letter was posted) and, in proving service, it shall be sufficient to prove that the letter was properly stamped first class (or airmail), addressed and delivered to the postal authorities.  

13.5 Nothing in this Contract shall be deemed to constitute a partnership between the parties or any other person.

13.6 Each party shall at all times comply with all applicable laws and regulations of governmental or other competent authorities from time to time in performing its obligations under this Contract.   

13.7 If any provision of these Terms is held to be illegal or unenforceable such provision shall be severed and the remainder of these Terms shall remain in full force and effect, unless the business purpose of the contract between us is substantially frustrated as a result.

Schedule - Salary Sacrifice Amendment

This Salary Sacrifice Agreement is an Amendment to the Employee’s Contract of Employment with his/her Employer in accordance with Section 4 of the Employment Rights Act 1996 (“Agreement”) referring in particular to the Employee’s salary, which is the contractual cash pay provided by the Employer to the Employee previously agreed between the parties (“Salary”).

Definitions

“Employee” means the employed individual who receives a salary from the Employer.

“Employer” means the employer who pays the Employee.

“Adviser” means the professional adviser who has provided the Employee with Pension Advice.

“Contractor” means VouchedFor Limited, a company registered in England number 07485300, whose registered office is at 8 Waldegrave Road, Teddington, TW118HT, who is responsible for verifying and processing Pension Advice Voucher requests.

“Pension Advice Vouchers” and “Vouchers” means the electronic pension advice cash vouchers available through the Pension Advice Vouchers scheme operated by the Contractor which may be used to reimburse the Employee for the cost of pension advice they have received.

“Pension Advice” and “Advice” means the provision of information, guidance or advice relating to a person’s pension arrangements as defined by HMRC’s Employment Income Manual, section EIM21803.

General Terms

1. The Employee’s Salary will be reduced by the financial value agreed when entering into this Agreement, and the Employer will consequently provide pension advice cash vouchers as a benefit (“Pension Advice Vouchers”), allowing the Employee to receive a tax free payment of equivalent value.

2. The Employer may decide to reduce the Employee’s salary by the total value of the Voucher in one go, or they may choose to spread the deductions over a number of months (up to a maximum of 12 months). In the event that the deduction is not a one off event, the Employer must notify the Employee of the arrangement. 

3. The Employee may apply for Pension Advice Vouchers for Pension Advice they have received since the beginning of the current tax year.

4. The maximum value of the Pension Advice Vouchers requested by the Employee in each tax year may not exceed the lower of £500, or the total amount they have paid for pension advice in the current tax year. In addition, no Pension Advice Vouchers may be requested for advice that was paid for via the Employee’s pension fund(s).

5. The Employer shall not enter into this Agreement or make any related amendment to the Employee’s Salary if the Employee’s Salary as reduced by the Sacrifice Value would fall below the National Minimum Wage or the Lower Earnings Limit (the “Lower Limits”). 

Employer Terms

6. The Employer agrees to provide Pension Advice Vouchers as a benefit, allowing the Employee to redeem them for their value.

7. The Employer agrees to take all reasonable steps to protect all Employee personal information, including personal contact information and information about the advice they have received which is limited to the following:

(i). The Employees’ name;

(ii). The Employee’s financial adviser;

(iii) the value of the Pension Advice Voucher that has been requested; and

(iv) the fact the Employee has received financial advice.  

8. The Employer agrees to process requests for Pension Advice Vouchers on a timely basis, and without reasonable delay. If the Employee’s request cannot be processed within 30 days, the Employer agrees to notify the Employee as soon as possible.

Employee Terms

9. The Employee agrees not to request a greater value of Pension Advice Vouchers than they are entitled to receive. 

10. The Employee agrees to provide the Employer with all the information required for the Employer to create an order for Pension Advice Vouchers. The Employee is responsible for ensuring that all data regarding their personal contact information, their Adviser, and the amount they have paid to their Adviser are accurate.

11. The Employee agrees that the Employer may share their personal data with the Contractor for the purposes of processing their request for Pension Advice Vouchers. This includes the Employee’s personal contact information and information about the Employee’s Adviser.

12. Both the Employer and the Contractor shall be entitled to request and to receive from the Employee’s financial adviser details of the services the Employee has received, including the details of payments made to the Employee’s financial adviser.

13. It is the Employee’s responsibility to determine and understand the effect on his/her financial position by entering into this Agreement in respect of Employer or state benefits which may include but are not limited to Statutory Sick Pay, Statutory Maternity Pay and Tax Credits.

14. It is the Employee’s responsibility to pick the financial adviser or other pension advice service that suits their needs and preferences. Neither the Contractor or the Employer may be held liable in the event that there is a dispute between the Employee and the Adviser.

15. The Employee agrees that in order to receive Pension Advice Vouchers they must have received pension advice from a financial adviser in the current tax year. The Contractor will be responsible for verifying the type and value of pension advice that the Employee has received.

16. By entering into this agreement, the Employee grants permission to be contacted by the Contractor for the purposes of administering the scheme and arranging for any payment owed by the Contractor to the Employee.

17. In the event that the value of advice received cannot be verified, the Employee will be unable to claim or cash in any Pension Advice Vouchers.

18. Any payments owed by the Employee to their Adviser remain the responsibility of the Employee to pay. Neither the Contractor or the Employer will be held responsible for Employee failure to pay agreed fees.

19. The Employer shall be entitled to terminate this agreement and to cease to provide the Pension Advice Vouchers with immediate effect in the case of a breach of the conditions of this Agreement by the Employee.