Can PayStream recommend a Pension Provider or provide pension advice?

Unfortunately not, as we are not pension advisors. We suggest that you speak to your own pension provider or an Independent Financial Adviso...

What happens to the employer’s NI saving when contributing into a personal pension via a salary sacrifice arrangement?

As your gross pay is reduced by the amount of your pension contribution it means that our employer’s NI is also reduced, a saving we pass on...

How much is the annual pension contribution allowance?

The annual allowance from April 2024 is £60,000 based on adjusted income of £260,000 or below, but this tapers down where adjusted income is...

What if I hit the pension contribution annual allowance?

A tax charge (the “annual allowance charge”) arises after the annual allowance is exceeded. There is no limit on the amount of pension savin...

Is there anything else I should consider before setting up a salary sacrifice arrangement for a personal pension?

Before deciding to go ahead with the salary sacrifice arrangement you are advised to consider the impact that this lower salary may have on ...

When do you pay the pension provider?

Monthly, in arrears, by 19th of the following month.

Can I change the amount or stop my salary sacrifice contributions if I want to?

You are able to stop your contributions whenever you wish. However, as a general rule you are unable to switch between cash (e.g., salary) a...

Why can’t I sacrifice all of my pay into a personal pension?

We still have to pay you national minimum wage and holiday pay which means that the amount you are sacrificing is just from your commission....

Will claiming expenses affect the amount I can sacrifice?

If you aren’t under supervision, direction or control and you did claim mileage or expenses, your gross pay will be lower than if you didn’t...

If contributing into a personal pension via a salary sacrifice agreement, will i still be auto enrolled into a workplace pension scheme?

Yes, because the salary sacrifice pension scheme you select may not be a qualifying workplace pension scheme. Therefore you will still be en...

If contributing into a personal pension via a salary sacrifice agreement, do you charge an administration fee?

We do apply a small charge to cover the administration of deducting and setting up the payments to your provider but we will pass on the ful...

If contributing into a personal pension via a salary sacrifice agreement, do I need to do a Self-Assessment tax return?

You will not necessarily need to do a Self-Assessment tax return because of a salary sacrifice arrangement but please feel free to contact o...

Can I stop contributions into my personal pension?

Yes, if you no longer want to sacrifice gross pay in exchange for this pension contribution we can stop making such pension contributions an...

What is automatic enrolment?

This is a legal duty introduced by the Pensions Act 2008 which requires employers to automatically enrol certain members of their workforce ...

Who is your work place pension scheme provider?

We have chosen NEST (National Employers Savings Trust) as our pension scheme. NEST is a defined contribution scheme established by the gover...

Will I be enrolled into your work place pension straight away?

No. You will be enrolled after you have worked with us for 12 weeks and meet the eligibility criteria. We are “postponing” the date that we ...

How will I know if I qualify for automatic enrolment into a workplace pension scheme? What criteria must I satisfy?

Umbrella workers are covered by the automatic enrolment requirements because they are our employees. Self employed workers in the constructi...

What if I don’t meet the eligibility criteria for auto-enrolment into a workplace pension scheme, what rights do I have?

If you are not eligible for auto-enrolment, you will fall into one of two categories. You may be either a “non-eligible jobholder” or an “en...

How can I opt in or join the workplace pension scheme?

You can opt into a pension scheme at any time by giving us appropriate notice. You can e-mail pension@paystream.co.uk if you want to find ou...

How much must I and my employer contribute into the workplace pension scheme under the pensions auto-enrolment provisions?

We will make employer contributions to your retirement pot and you will contribute to your retirement as well. Contributions will be calcula...

When will pension contributions be paid into my workplace pension pot with NEST?

Eligible and non-eligible jobholders who have been enrolled are given a month to opt out starting from the date that membership with NEST ha...

Do employers need the consent of employees for them to join a qualifying auto-enrolment workplace pension scheme?

No. A key feature of the auto-enrolment provisions is that eligible jobholders must be automatically enrolled into a qualifying scheme and t...

What if I do not want to be auto-enrolled or join an auto-enrolment workplace pension scheme?

A key feature of auto-enrolment is that if you are an eligible jobholder we must by law automatically enrol you into a qualifying scheme, in...

How can I opt out of a workplace pension?

Once enrolled into NEST, you can opt-out of the scheme by contacting NEST directly by calling them on 0300 020 0090 or by logging in to your...

Once I opt out will you have further auto-enrolment workplace pension duties in my regard? What is re-enrolment under the auto-enrolment workplace pension provisions?

Yes, as your employer, we are required to re-enrol eligible jobholders who previously opted out of the auto-enrolment pension scheme, automa...

If I opt out of my workplace pension, can I opt back in again?

Yes you can. However, we are only required to arrange membership once in a 12 month period. What this means is that if the notice is submitt...

What information must employers provide to employees about workplace pensions auto-enrolment?

We have the duty to provide you with prescribed information in writing (broadly speaking within one month following an assessment which iden...

What happens regarding the workplace pension if I already have a pension?

You will still be enrolled into NEST if you meet the eligibility criteria. As your employer we must automatically enrol any eligible jobhold...

Your take home pay explained

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Can I contribute into a personal pension via a salary sacrifice agreement?

Yes, you can. In order to set this up you will need to reach out to our friendly customer care team and they will advise you on the next ste...

Why has my pension provider not received my pension?

PayStream will transfer funds to your pension provider no later than the 19th of each month but it can take several days for these to be all...

Do you charge a fee for administering the salary sacrifice?

We do apply a small charge to cover the administration of deducting and setting up the payments to your provider but we will pass on the ful...

What is a workplace pension?

A workplace pension is set up by UK employers in order to help their employees save for retirement. PayStream’s chosen workplace pension sch...

How do I contact NEST?

You can contact NEST by calling them on 0300 020 0090 or by logging in to your NEST portal.