What is Salary Exchange?

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Currently, Remote's pension scheme is set up using a collection method known as Net Pay Arrangement. This is where pension contributions are collected before tax has been applied and after National Insurance Contributions (NICs).

Salary Exchange is another way that employees & employers can contribute to an employee’s pension fund. In the UK, salary exchange is also known as salary sacrifice. With Remote, it is an arrangement where employees agree to exchange part of their salary in exchange for the employer making payments into their pension fund. There are a number of benefits that both employees and the Company can enjoy from participation in this scheme. From 1st January 2022, this scheme will become available for employees to participate in.

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