Employees

What happens after I submit a request?

We will verify the request with your adviser, and contact your employer to ask them to approve it.

Your employer may not yet offer Pension Advice Vouchers as a salary sacrifice benefit, as it is very new. In this case we will help them understand the benefits, and how easy it is to operate.

Hopefully we'll be successful as the benefits are quite clear! Pension Advice Vouchers save employees money, reduces employers' national insurance contributions, and keeps admin to a minimum. And, where employees don't already have an adviser, we can help them, whatever their needs and budget.

How do I get payment?

Once your employer has approved the request, we will contact you to request payment instructions. We'll then transfer money to your bank account within 7 days. 

Am I eligible for Pension Advice Vouchers?

You are eligible if you:

  • Paid for pension advice since 6th April 2017
  • Are employed and pay tax in UK
  • Your employer has made this scheme available to you, or is willing to
  • Your pension advice fees were not paid from your pension fund

What counts as 'pension advice'?

HMRC states:

The exemption applies to the provision of information or advice in connection with the person’s pension arrangements or the use of the person’s pension funds. It can include advice on general financial and tax issues relating to pensions arrangements or pension funds allowing individuals to make informed decisions about saving for their retirement.

I/we have multiple employers - can I/we claim twice?

Yes. The limit is £500 p.a. per employment

Are there downsides to Salary Sacrifice arrangements?

Generally not, but there could be in certain situations. Your salary is actually being reduced, in return for a non-taxable benefit. For example, your reduced salary could mean you are able to borrow slightly less for a mortgage. Or, if you are soon to start a final-salary pension, it could affect how much income you get through retirement. If you think you could be impacted, please speak to your financial adviser.

Who's behind Pension Advice Vouchers?

Pension Advice Vouchers comes from VouchedFor.co.uk, the UK's leading reviews website for financial and legal professionals. 

We’ve already helped over 100,000 people find a great financial adviser. Now we’re on a mission to help employers make it easy - and more affordable - for their employees to get brilliant financial advice. 

What if my company don’t offer Pension Advice Vouchers?

Pension Advice Vouchers are the result of recent legislation and many companies are still deciding whether to offer them. The best thing to do is still to register, providing the best contact details possible - that way we can follow up with your employer and give them all the support they need to process your claim.

We won’t pass your information to third parties.

What legislation allows for Pension Advice charges to qualify for Salary Sacrifice scheme?

On November 16th 2017 the Finance Act 2 was given Royal Assent, allowing employers to pay or reimburse the first £500 p.a. cost incurred by employees in receiving advice or information related to their pension arrangements.

There is more information here

HMRC guidance - Pensions Advice as a Tax-Free benefit

HMRC guidance - Pensions Advice listed as qualifying for Salary Sacrifice

Got a question? Contact us