Beat the deadlineTime to make your bonus tax efficient

Boost your pension savings with our Bonus Exchange scheme.

It lets you choose to have all, or some, of your bonus paid into your pension pot instead of taking it as part of your salary.

You’ll save on tax and National Insurance contributions, so more funds go into your pension.

The value of a pension can go up and down. You could get back less than is paid in. Tax benefits are subject to change and their value depends on individual circumstances. Please see your scheme literature for details of tax allowances and plan and fund charges.

Bonus Exchange may not be suitable for everyone, so check with the support contact, detailed opposite, to see how it will work for you. Once you’ve agreed to exchange your bonus, you are unable to change your mind.

Under current rules, the earliest you can access your pension money is at age 55.

If you’re in any doubt about its suitability, you should contact a financial adviser who may charge you for the advice they give you. If you need help finding an adviser, please visit unbiased.co.uk.

Apply by

BONUS EXCHANGE

How you could save tax and NI contributions

Employer contributes £1,000

to your pensionPay £200

income tax

You pay no National Insurance

Pay £120 National Insurance

Total pension investment is £1,000 Net bonus of £680

Example - basic taxpayer receiving £1,000 bonus

Without Bonus Exchange – take as cash

With Bonus Exchange – take as pension payment

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