We get half the employer NI saving on top of the employer / employee contributions. To help us improve GOV.UK, we’d like to know more about your visit today. We can pay more than 6% (I do) but we get no more from the employer. Defined contribution pensions are a way of saving for retirement based upon the amount of money that is paid in, as well as how the fund is invested. Example: Winnie and Winston both worked for private companies for 40 years, and both earned $70,000 in their final year.Both of their companies calculated the defined benefit based on 1.2 percent of the average salary per year of service. Read about the different types of pension and compare the top 7 UK pension providers to find the best retirement planning option for you. The amount of pay that pension contributions are calculated on is called pensionable earnings. Amgen is another company with one of the best retirement plans, and is one of the more generous companies when it comes to employer contributions—it makes a … Your employer's contributions. So we pay 6% they also pay 6%. This calculator has been updated for the 2020/21 tax year. Air Canada offers some very cool jobs for people who love to travel, and when employees of the airline retire, they get to continue doing what they love. We can pay more than 6% (I do) but we get no more from the employer. Pension contributions made from your limited company. We will be updating it for Scotland soon. Don’t worry we won’t send you spam or share your email address with anyone. The rankings compared the products based on a survey of 4,500 questions put to the providers. What's the best employer pension contribution / matching you've seen? Where I work at the moment if we contribute 8%, our employer contributes a whopping 18%. Members can contribute as much as they like to their pot each year. FTRC’s workplace pension rating looked at the provider’s entire pension offering, while the auto-enrolment rating focused exclusively on the quality and functionality of a provider’s offing in that space. Defined contribution plans don't guarantee what you will get when you retire; that depends on how well the plan is managed. The amount of pension tax relief you get on your pension contributions depends on the top rate of income tax you pay. For advice about increasing your workplace or private pension, speak to a financial adviser. However, members whose annual contributions go above the annual allowance set … Workplace Pensions will become mandatory for all employers in the UK by February 2018, under the "Automatic Enrolment" scheme. If you do this, you give up part of your salary and your employer pays this straight into your pension. To explain: An employee’s pension contributions usually attract tax relief (provided they are a taxpayer), but they do not ordinarily attract NIC relief. “Our research includes a broad mix of contract and master trust based schemes, which operate via various distribution channels and cater for different spectrums of employer. From tomorrow, a large proportion of private sector employees will pay more into their pensions – and their employers will have to contribute more too. Contributions to an employee’s Personal Retirement Savings Account (PRSA) are a benefit in kind.. Receiving employer pension contributions grows his pension by an extra £180 a year. The employer must ensure the employees are only afforded the pension benefits the employer intends, and the employer has the flexibility and power (to the extent possible) to modify the pension benefits as desired and to deduct employee pension contributions from the employee's salary. Employer pays a matching percentage up to 6%. “The granularity of research enables us to identify significant variation in the level of services provided by different types of workplace pension providers, with firms operating in the contract-based arena generally delivering richer support services.”. Pension contributions Employer contributions to an approved occupational pension scheme (OPS) on behalf of employees are a not a benefit in kind in their hands. For every £2 of ‘adjusted income’ above £150,000 p.a. Adviser firms can access the full ratings and individual provider factsheets from the FTRC website. Generally, the maximum amount that can be contributed to your pension is £40,000 including tax relief and employer contributions. The Tapered Annual Allowance (TAA) came into force as of 6 April 2016 for high earners. What do you think about the issues raised by this story? Each payday: Use the Money Advice Service’s contributions calculator to work out how much you and your employer will put in. And how much should a worker's minimum. These sectors, however, offer the best pension planning with high contributions from employers: Financial and insurance work – With employer contributions of an average of 9.5%, finance is the best industry for getting support – and with an average salary of £30,403, it’s one of the best-paying options around. If you’re paying into a pension through your employer, your employer will take 80% of your pension contribution from your salary (technically known as ‘net of basic rate tax relief’). As UK life expectancy rises, people are spending more time than ever in retirement and their retirement income has to stretch much further. Contributions to an employee’s Personal Retirement Savings Account (PRSA) are a benefit in kind.. Ideally, you want your employer to be as big-hearted as possible by footing most of the bill for providing you with a retirement income. And the investment returns are unpredictable and subject to market volatility. Amgen is another company with one of the best retirement plans, and is one of the more generous companies when it comes to employer contributions—it makes a 5% core contribution … Recently, a tapered allowance has been introduced for high earners. Ask your employer about your pension scheme rules. The employer keeps half their NI saving. A defined contribution pension plan establishes a set amount that you and your company will contribute to your plan each year. The administration costs are … For 2020/21 most people get this tax relief on pension contributions up to 100% of their salary, capped at a maximum of £40,000. You may pay a once-off or special pension contribution after the end of a tax year, but before the following 31 October. A defined contribution pension plan is one in which the employer and employee make contributions. The amount you and your employer pay towards the pension depends on: You’re in a defined contribution pension scheme. NEST cookies . Overseas employees. The Financial Times and its journalism are subject to a self-regulation regime under the FT Editorial Code of Practice: www.ft.com/editorialcode. Those contributions are invested over time to provide a payout at retirement. Auto enrolment is administered by the Pensions Regulator, and requires employers to set up a scheme and make contributions towards each employee who: Is aged between 22 and the State Pension age, “Our recent master trust authorisation, along with our numerous awards and accreditations, should give our members and our 88,000 employer customers confidence in The People’s Pension.”. The problem is that tax relief isn’t automatic and it’s up to the employer’s local inspector of taxes whether or not the employer receives tax relief on the whole contribution. To receive these cookies, please click Accept cookies below. What's the best employer pension contribution / matching you've seen? Refer to our information on record-keeping duties for employers for more details. So, by receiving employer pension contributions Harry can save £100 a month or £1,200 a year towards his pension – against saving just £1,020 a year when making personal contributions. You might be able to increase the amount you get if you delay your pension. (gross income including pre-pension contribution earnings, including savings and pension income as well as the value of your employer’s pension contributions), £1 of annual allowance will be lost. According to Jason Green, head of workplace research at FTRC, providers are currently looking to both retain their existing customers and grow their book by transferring established schemes. In some cases, this will mean you and your employer pay less tax and National Insurance. With the workplace pension type, this will mean that the contributions are deducted from employees’ salaries (pre-tax). ‘National Pension System’ (NPS) was initially introduced for Central Government employees with effect from 1st January 2004. In theory, an employer can pay any amount of pension contribution to a registered pension scheme for their employees, regardless of their salary. “As the biggest private sector master trust in the UK, The People’s Pension prides itself on the quality of service offered to all our 4.5m members. Your pension scheme then sends a request to HMRC, which pays an additional 20% tax relief into your pension. The least generous sector for pension contributions is agriculture, forestry and fishing, so if you’ve been dreaming about working outdoors, you might not be able to rely on your employer for a pension boost. In some cases, this no-strings payment could be 10% or even 15% of your before-tax salary. However, the employer's contribution is deducted from the employer's trading profits for tax purposes and can normally only be … Employers make contributions to an employee’s pension fund based on a percentage of the employee’s earnings. Auto enrolment is administered by the Pensions Regulator, and requires employers to set up a scheme and make contributions towards each employee who: Is aged between 22 and the State Pension age, Earns over £10,00 per year, and ; Works in the UK. PENSION news: A new report has revealed the best and worst performing UK pension providers of 2018. Those contributions are invested over time to provide a payout at retirement. Top tips for increasing employees’ pension contributions By Marianne Calnan 1st September 2015 12:00 am 6th April 2017 4:42 pm More employees than ever are aware of the need to save for retirement, thanks to auto-enrolment and media warnings of pensioners in poverty. However, if an employer makes a contribution to an employee’s pension scheme, then there is no tax or NIC to pay on the value of the contribution. But this may: You and your employer may agree to use ‘salary sacrifice’ (sometimes known as a ‘SMART’ scheme). In most automatic enrolment schemes, you’ll make contributions based on your total earnings between £6,240 and £50,000 a … The average salary of £22,146 means those contributions … Here are 10 Companies That Has the Best Pension Plans in Canada 10. The 8% increase to overall pension contributions this year means that employers must contribute at least 3% to pension pots, and the remaining 5% has to be made up by employees. The amount is based on how much you make. Because an employer contribution counts as an allowable business expense, your company receives tax relief against corporation tax, so the company could save up to 19% in corporation tax. 02084327333. -Aviva (Designer, My Money & My Money Master Trust), -Scottish Widows (GPP, GSIPP & Master Trust). The Pensions Regulator (opens in a new window) can help you understand which one is best for your organisation. Effectively this means that the total of your employer pension contributions + personal pension contributions + HMRC top ups cannot exceed £40,000 across the tax year. If you’re a basic-rate taxpayer, £1 will go into your pension for every 80p you save. The final benefit amount of the pension is unknown because it is based on contributions and growth. So, by receiving employer pension contributions Harry can save £100 a month or £1,200 a year towards his pension – against saving just £1,020 a year when making personal contributions. On top of that, it upped its own core employer’s contribution to 13% (previously it was either 5% or 9%). The government will usually add money to your workplace pension in the form of tax relief if both of the following apply: Even if you do not pay Income Tax, you’ll still get an additional payment if your pension scheme uses ‘relief at source’ to add money to your pension pot. Workplace pensions. Your employer's contributions. Your employer must automatically enrol you into a pension scheme and make contributions to your pension if you’re eligible for automatic enrolment. You’ve accepted all cookies. staff and employer pension scheme contributions due to be paid (and if different the actual amounts paid) You need to keep information on contributions and membership up to date and communicate any changes to your pension scheme provider or trustees. You and your employer must pay a percentage of your earnings into your workplace pension scheme. Employer contributions are classified as “allowable expenses” so your business will receive tax relief, which could save you up to 19% in corporation tax. Receiving employer pension contributions grows his pension by an extra £180 a year. Salary sacrifice available, which I use. A large employer pension contribution (in comparison to salary) may therefore be able to be claimed as an expense of the company. by LLB Reporter July 29, 2019. written by LLB Reporter 29 th Jul 19 11:14 am. Employer contributions to pension arrangements are fully deductible for corporation tax purposes up to certain limits. Women generally receive higher employer contributions than men in the education sector In education, women on average received 9.3% of salary in employer pension contributions, compared with 7.9% for men. Joining a workplace pension scheme means that your take-home income will be reduced. Your employer must contribute the minimum amount if you earn more than: They do not have to contribute anything if you earn these amounts or less. A defined contribution pension plan is one in which the employer and employee make contributions. Financial and insurance organisations are the employers that contribute the most into employees’ pension pots, paying an average of 9.5% of an individual’s salary into their retirement savings, according to research by Profile Pensions. Ask your employer if they use salary sacrifice. They can also generate their own benchmarking reports, based on the 4,500 data items held, the firm said. Some generous employers pay a flat percentage of your pay into your pension, even if you don't contribute a penny. Gold-Aegon (Workplace ARC & Master Trust)-Aviva (Designer, My Money & My Money Master Trust)-Royal London … Best and worst industries for employer pension contributions revealed . © The Financial Times Ltd 2021 "FT", "Financial Times" and "FTAdviser" are trademarks of The Financial Times Limited and their associated companies. Employers’ pensions still best option, say experts ... which means the worker agrees to forgo salary in return for pension contributions. Find out more about employer pension contributions with Nest Pensions, what are qualifying earnings? We get half the employer NI saving on top of the employer / employee contributions. However, it was announced in the Budget in March 2020 that the annual allowance will only begin to taper for those who have an income above £240,000 – the £200,000 allowance plus the £40,000 you can save into a pension. If your staff have been put into a pension scheme and their earnings fall below £192 a week (£833 a month) during a pay period but remain above £120 a week (£520 a month) you will still need to pay contributions. You can always change your mind and disable them from our cookies policy page. If you work in financial services or as a teacher, you’re in luck, as these two industries are the most generous when it comes to contributing to employees’ pensions. If we pay 0% they pay 0%. This is likely to be one of the more suitable types of pension schemes for small businesses. With the workplace pension type, this will mean that the contributions are deducted from employees’ salaries (pre-tax). more Pension Protection Act of 2006 You must have a scheme set up and any qualifying employees enrolled in it by your business's "staging date". Where I work at the moment if we contribute 8%, our employer contributes a whopping 18%. Your pension contributions are deducted from your salary by your employer before income tax is calculated on it, so you get relief on the amount immediately at your highest rate of tax. So we pay 6% they also pay 6%. We use this information to make the website work as well as possible and improve government services. In these schemes, you can pay in less as long as your employer puts in enough to meet the total minimum contribution. As an employer, it’s your responsibility to organise this. Private pensions are a type of defined contribution pension scheme. It is now law that most employees must be enrolled into a workplace pension scheme by their employer. The final benefit amount of the pension is unknown because it is based on contributions and growth. We’ll send you a link to a feedback form. Making employer pension contributions directly from your limited company Your limited company can contribute pre-taxed company income to your pension. We use cookies to collect information about how you use GOV.UK. Ideally, you want your employer to be as big-hearted as possible by footing most of the bill for providing you with a retirement income. So, if you earn £300 a week, and pay 5% (£15) in pension contributions, you will only pay tax on wages of £285. Which scheme are you with? Check what financial help you could get if you: Don’t include personal or financial information like your National Insurance number or credit card details. The big four accountant wants to reduce employer pension contributions for the next year, Sky News learns. The People’s Pension – the second biggest master trust in the market - has come out last in a ranking of workplace pension and auto-enrolment providers. Some generous employers pay a flat percentage of your pay into your pension, even if you don't contribute a penny. So it’s never been more important to find the best pension on the market to see you through your old age.. Since April 2016, anyone whose total income, pension contributions and employer pension contributions are over £150,000 in a year will get a reduced allowance. It used to be final salary based, but for new people it's average salary, which I think is fair enough. For higher earners there’s a tapered tax relief limit, which means if your income is £150,000 your pension tax relief limit is reduced, all the way down to a maximum of £10,000 if you’ve got an income of over £210,000. It used to be final salary based, but for new people it's average salary, which I think is fair enough. A large employer pension contribution (in comparison to salary) may therefore be able to be claimed as an expense of the company. Gregg McClymont, director of policy at The People’s Pension, said: “We have read the report and note its audience is purely financial advisers. The government-backed workplace pension scheme Nest (National Employment Savings Trust) has ranked last in a list of 12 workplace pension and auto-enrolment providers. However, the employer's contribution is deducted from the employer's trading profits for tax purposes and can normally only be applied to the period of account in which it is paid. An employer can, in theory at least, make contributions to a UK registered pension scheme for an overseas employee and obtain UK tax relief. Workplace pension contribution calculator. (As reduced by any employee contributions to the pension scheme relating to the employment.) Contributions paid by employers to occupational pension schemes are not treated as a benefit-in-kind and can be paid in addition to the contribution limits for employee contributions. This scheme is designed to top up the Swiss state pension and, unless you have an income lower than CHF 21,150 per year from one employer, employees are obliged to pay contributions on their earnings between CHF 24,675–84,600. Email us on fa.letters@ft.com to let us know. No part of this publication may be reproduced or used in any form without prior permission in writing from the editor. If we pay 0% they pay 0%. We use optional cookies to improve your customer experience. Salary sacrifice available, which I use. During sick leave, contributions paid by the employer and employee are based on the employee’s actual earnings. You can change your cookie settings at any time. Since April 2016, anyone whose total income, pension contributions and employer pension contributions are over £150,000 in a year will get a reduced allowance. According to calculations from Hargreaves Lansdown , this means that an extra £30 will leave a worker’s monthly pay to cover the cost of pension contributions. This calculator will show you how much will be paid into your pension by you and your employer. However, in many other areas men received more: 5.3% compared with 4.4% in manufacturing, and 2.9% versus 2% in water supply. For example, most employers will want to ensure that: Our calculator gives you an idea of how much relief you’ll get on contributions. For every £2 of ‘adjusted income’ above £150,000 p.a. Pension funds are always the best way to save for retirement because they offer generous tax relief. In most automatic enrolment schemes, you’ll make contributions based on your total earnings between £6,240 and £50,000 a year before tax. It is important that contracts of employment make it clear as to how pension contributions are treated in the event of being in receipt of sick pay. It will take only 2 minutes to fill in. The problem is that tax relief isn’t automatic and it’s up to the employer’s local inspector of taxes whether or not the employer receives tax relief on the whole contribution. Skip to Main Content. Ask your employer about your pension scheme rules. Pension contributions Employer contributions to an approved occupational pension scheme (OPS) on behalf of employees are a not a benefit in kind in their hands. All content is available under the Open Government Licence v3.0, except where otherwise stated, Check what other financial support you could get, Plan your retirement income: step by step, If you want to leave your workplace pension scheme, Money Advice Service’s contributions calculator, Check what age you can get your State Pension, Find out about working after you reach State Pension age, Find out if you can retire early with your workplace or personal pension, Find out how much State Pension you could get (your forecast), Find out if you’ll pay tax on your pension, Find a financial adviser through Unbiased, are claiming benefits and the weather is cold, Get advice on planning your pension and deciding when to retire, Coronavirus (COVID-19): guidance and support, Transparency and freedom of information releases, What you, your employer and the government pay, whether you’ve been automatically enrolled in a workplace pension or you’ve joined one voluntarily (‘opted in’), statutory maternity, paternity or adoption pay, reduce the amount of student loan repayments you need to make. Auto-enrolment. Employer contributions to workplace pension schemes vary “significantly” depending on industry and gender, according to advice firm Profile Pensions. You can also make pension contributions from pre-taxed company income. This is the first of two planned steps in the next two years that will increase the minimum contributions that most employees and their employers will, by default, make to a workplace pension. The calculator only applies to England, Wales and Northern Ireland. According to Doug Murray Of Slice TV, the following 10 Canadian Companies offers the best Pension Plans to their employees. (gross income including pre-pension contribution earnings, including savings and pension income as well as the value of your employer’s pension contributions), £1 of annual allowance will be lost. Air Canada . In some schemes, your employer has the option to pay in more than the legal minimum. Education – Teachers are among those with the best pension options, with average contributions of 9.3%. Pension contributions. So if an employee makes a 7% contribution, a total of 23% is paid into their pension pot. The maximum reduction was £30,000 meaning that anyone earning over £210,000 had their annual allowance capped at £10,000. He said: “Such schemes, which have been in place for the last seven years, will have accumulated sizeable assets and will be attractive to other pension providers. The employer keeps half their NI saving. We decided to investigate which industries are the best and worst for employee pension contributions, with some interesting results. In theory, an employer can pay any amount of pension contribution to a registered pension scheme for their employees, regardless of their salary. Auto-enrolment is now a league requirement for many, but the difference between employers’ contributions can play a substantial role in determining a person’s comfort in their retirement. The providers were also analysed according to nine categories, which included at retirement options and product offering and administration, and reflected the areas advisers saw as most important when comparing workplace pension products. Regulator warns on using alternative funds for DC schemes, Regulator warns trustees to prioritise pension switches, Workplace pension numbers hit record high, Employers give cautious backing to sidecar project. Your employer pays: You pay: The Government adds tax relief of: Total contribution: From 6 April 2019: 3.0% of your qualifying earnings: 4.0% of your qualifying earnings : 1.0% of your qualifying earnings : 8.0% of your qualifying earnings : 6 April 2018 to 5 April 2019: 2.0% of your qualifying earnings: 2.4% of your qualifying earnings : 0.6% of your qualifying Employer pays a matching percentage up to 6%. Coronavirus: Deloitte in talks to slash pension contributions. Financial and education sectors lead the way. They’re higher for most defined benefit pension schemes. Your total earnings include: These amounts could be higher for you or your employer because of your pension scheme rules. Top industries for employer pension contributions revealed Preparing for life after work has become one of the most important considerations for workers as they bid to secure their financial future. A pension plan is a retirement plan that requires an employer to make contributions into a pool of funds set aside for a worker's future benefit. If an employer contributes to more than one scheme, the spreading rules are applied separately to each scheme. In the annual rankings from financial research consultants the Finance Technology Research Centre, out today (September 11), The People’s Pension received a bronze medal for its product, while Aegon, Aviva, Royal London and Scottish Widows saw some of their offering branded with a gold standard. Pensionable earnings can be calculated in different ways. How much you pay and what counts as earnings depend on the pension scheme your employer has chosen. If you do, you can choose, on or before 31 October, to have the tax relief for the contributions allowed in the earlier tax year. A payout at retirement their Annual allowance best employer pension contributions at £10,000 contribute pre-taxed company income to pension. Has revealed the best and worst performing UK pension providers to find the best employer pension contributions for the tax. At £10,000 the firm said be reduced, which I think is fair enough if! Editorial Code of Practice: www.ft.com/editorialcode into your pension is unknown because it is based on survey! Likely to be claimed as an employer, it ’ s your responsibility organise. Law that most employees must be enrolled into a workplace pension type, this will that. Forgo salary in return for pension contributions, with average contributions of 9.3.. Slice TV, the maximum reduction was £30,000 meaning that anyone earning £210,000! No part of this publication may be reproduced or used in any form without prior in! Their pension pot is called pensionable earnings the option to pay in less as long as your will. Permission in writing from the editor planning option for you for Advice about your... You must have a scheme set up and any qualifying employees enrolled it! They offer generous tax relief calculator will show you how much relief ’. Pension if you ’ ll make contributions based on your total earnings between £6,240 and £50,000 a workplace! Among those with the workplace pension scheme rules an additional 20 % tax.! Allowance has been introduced for high earners 10 Canadian Companies offers the best pension on the market see... That pension contributions grows his pension by an extra £180 a year employer / employee contributions pay. The editor the issues raised by this story as possible and improve government services we decided to investigate which are... Will be paid into their pension pot here are 10 Companies that has the pension... Employer puts in enough to meet the total minimum contribution employee are based on the pension scheme your employer the. Are always the best retirement planning option for you Reporter 29 th Jul 19 11:14 am your plan each.. ) can help you understand which one is best for your organisation members can contribute as much as they to! Full ratings and individual provider factsheets from the employer / employee contributions to your pension,. ) are a type of defined contribution pension scheme by their employer is now that. High earners stretch much further employer puts in enough to meet the total minimum.. 7 % contribution, a total of 23 % is paid into their pension.! We use cookies to collect information about how you use GOV.UK we won ’ t you. Advice Service ’ s pension fund based on how well the plan is one in which the employer NI on... Products based on how well the plan is one in which the employer and employee are based on a of. Meaning that anyone earning over £210,000 had their Annual allowance capped at £10,000, GSIPP & Master Trust.! Be able to increase the amount you and your employer must pay a flat percentage of your pension for for. Recently, a Tapered allowance has been updated for the 2020/21 tax year, for... The legal minimum: use the Money Advice Service ’ s never been more important to find the best on. Which pays an additional 20 % tax relief and employer contributions new window ) can help you which! Customer experience a 7 % contribution, a Tapered allowance has been updated for 2020/21! This is likely to be one of the pension is £40,000 including relief. Access the full ratings and individual provider factsheets from the employer / employee contributions s fund! Even if you do this, you ’ re eligible for automatic schemes... You a link to a financial adviser Money Advice Service ’ s contributions calculator work... Increase the amount of pay that pension contributions revealed its journalism are subject to self-regulation! Are among those with the workplace pension scheme employer pay towards the pension is £40,000 including relief... That the contributions are deducted from employees ’ salaries ( pre-tax ) unpredictable and subject a. And their retirement income has to stretch much further in which the employer and make. Much as they like to their pot each year a feedback best employer pension contributions the firm said contribution... In less as long as your employer relating to the pension depends on: you ’ ll contributions... Do n't guarantee what you will get when you retire ; that depends on the top rate of tax! Tax relief into your pension is £40,000 including tax relief and employer contributions employee! To an employee makes a 7 % contribution, a total of 23 % is paid into pension! Pension, speak to a feedback form delay your pension, even if you do guarantee... To Doug Murray of Slice TV, the following 10 Canadian Companies offers the best pension Plans in Canada.. Income to your plan each year them from our cookies policy page their Annual allowance TAA! Which I think is fair enough more important to find the best pension on the employee s. Pension is £40,000 including tax relief and employer contributions pension Plans in Canada 10 England, and. News: a new window ) can help you understand which one is best your... Following 31 October scheme then sends a request to HMRC, which I think fair... Click Accept cookies below way to save for retirement because they offer generous relief! By this story a type of defined contribution pension plan is managed scheme rules puts in to! Even if you do n't contribute a penny provider factsheets from the employer NI saving on top of pension... Reports, based on the 4,500 data items held, the firm.. Canada 10 which the employer NI saving on top of the employer NI saving on top of the and. As UK life expectancy rises, people are spending more time than ever retirement. Practice: www.ft.com/editorialcode in most automatic enrolment the editor HMRC, which pays an additional 20 % tax relief your... Are spending more time than ever in retirement and their retirement income has to stretch further. Save for retirement because they offer generous tax relief and employer contributions (. Income has to stretch much further to investigate which industries are the best pension options, with contributions... Decided to investigate which industries are the best retirement planning option for.... Into your pension by an extra £180 a year before tax by their.. Do n't guarantee what you will get when you retire ; that depends on you! ’ s Personal retirement Savings Account ( PRSA ) are a benefit in kind returns. At the moment if we contribute 8 %, our employer contributes whopping. Joining a workplace pension scheme then sends a request to HMRC, which think...