The current minimum contributions are outlined in the paragraphs below. Should these rates change, you will be notified and this webpage will be updated.
There is minimum contribution for enrolment to the Scheme of 4% of your basic pay. This will change in line with the UK Government’s new rules for higher Auto-enrolment contributions that the Company has to introduce over time. However, if you do choose to invest in the Scheme, in addition to the Company, you will receive significant tax advantages, including the benefit the Salary Sacrifice method of making your contributions.
Your contributions are agreed yearly in advance – though, if you need to, you can vary them in between – and invested as a percentage of your salary and maximum tax relief is obtained using the Salary Sacrifice method, explained further below.
Fintilect invests into your Fund in line with your Terms of Employment, which includes a minimum amount of 4% of your annual basic salary.
You are allowed to invest up to 100% of your annual salary in any given Tax Year, provided this is no greater than £60,000 (inclusive of all Employer contributions), during the 2023-24 Tax Year. For anyone with total taxable income in excess of £312,000 there are lower limits, though there are “Carry Forward” rules available, in addition to any contribution limit, allowing top-ups over time – please ask the Scheme Advisers for up to date details on HMRC limits, if required.
You are able to contribute an additional amount, up to the Annual Allowance for the year in question, in respect of each of the preceding 3 Tax Years, inclusive of any contributions you may have already made in those years. All allowable contributions invested attract full tax relief at your marginal rate of Income Tax and savings in National Insurance, whilst your investment grows totally tax-free.
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