Pension Advice Vouchers Information

Pension Advice Vouchers make claiming tax back on pension advice that you have received simple and easy! On November 16th 2017 a new Act was passed, allowing employers to reimburse employees (up to £500 p.a.) for any costs incurred, or due to incur, in receiving advice or guidance related to their pension. The government have introduced this as a non-taxable benefit, knowing it's vital that people seek professional financial advice on their future retirement. Of course, few employers can afford to simply give their staff an extra £500, so they'll usually ask that they deduct the same amount from your salary. That means you're giving up salary, which would have incurred tax and national insurance, in return for an employer reimbursement (to cover the cost of the pension advice), on which no tax or national insurance is payable. How it works: 1) Employee agrees to sacrifice up to £500 salary - which would have been TAXED 2) We confirm with adviser that employee has paid for pension advice, or is committed to (or we can help the employee find an adviser if needed) 3) Employer approves request and transfers funds via Pension Advice Vouchers - this is NOT TAXABLE