How does the scheme work - what do we need to do?

You can register and login to approve an employee's request, once we've confirmed qualifying advice has been received from an appropriately authorised professional. We will then issue you an invoice for the amount of the voucher(s), plus our charge. We will then make payment to your employee or their adviser, as appropriate. In parallel, you will arrange for a commensurate salary sacrifice via payroll.

What are your charges?

We charge 13.8% of the voucher value, to cover the cost of running the scheme. However, this is usually offset by the National Insurance employers save through salary sacrifice.

Do I sacrifice salary as one lump sum, or spread over 12 months?

It's up to you how you manage the salary deductions, depending on your payroll solutions. 

How must I promote the scheme?

We will provide you with template emails that you can send to your team, with clear instruction on how to either claim vouchers (for those who have received advice) or find the right adviser (for those who haven't).

HMRC guidance requires that you make any pension advice reimbursement scheme available to all employees or a specific large subset, under either "condition A" or "condition B".

How do you check the authenticity of requests?

We verify the legitimacy of the request with an appropriately authorised Financial Adviser or Accountant.

Using the VouchedFor system, we run thousands of checks each week, validating the identity of each adviser, and their status with regulators and/or accrediting bodies as appropriate.

We check with each adviser that the advice given qualifies for tax-free funding, in line with HMRC guidance.

How can my employees find a good financial adviser?

Through VouchedFor, we have thousands of well-rated Financial Advisers across the UK. Where appropriate for your employee, we will recommend advisers who already advise either your firm or some of your employees.

For those with simpler needs, we recommend Hatch, who offer a free coaching session, and can provide ongoing advice and support for an annual fee of between £169 to £132, net of salary sacrifice tax savings.

Please see our Get Advice page for more info.

When claiming a voucher, does it matter which adviser an employee has used? 

No. We will contact any adviser to verify the authenticity of the employee's request, even if they are not already registered on our systems. They just need to be appropriately authorised by the FCA.

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

Which employees are eligible for Pension Advice Vouchers?

Employees are eligible if they:

  • Paid for pension advice in the current tax year

  • Are employed and pay tax in UK

  • Their pension advice fees were not paid from their 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.

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. 

Got a question? Contact us