Boost your Take Home Pay | Salary Sacrifice Explained UK
Channel: Financial Madness
Date: 2021-09-06

Salary Sacrifice is a term you may have come across or is a term that you should look out for because it can do wonders for you when you it comes to helping you save for your Pension. In this episode we will be looking at 
- What is Salary Sacrifice 
- How Salary Sacrifice Works
- The Pros and Cons too

What is Salary Sacrifice?
It basically means giving up part of your salary, which might sound crazy at first but you don't do it because you want less money. you do it as part of an exchange for a non-cash benefit from your employer, such as increasing your pension contributions. 
Now the most common salary sacrifice scheme is to do with Pension Contributions however it does vary between employer, and other schemes include company cars, life insurance cover, critical illness cover etc. So do check with your employer for their benefits plan. We will be focusing on Pension Contributions as this is the most common but this video is still helpful even if your thinking of using the scheme for a different benefit. 
Also as the name suggests, you need to be earning a salary to be eligible for this. So you do need to be employed as this isn't applicable to those who are self-employed

Chapter Information (Salary Sacrifice Explained)
0:00 Introduction
0:30 What is Salary Sacrifice?
1:31 How does Salary Sacrifice Work?
2:22 Why Salary Sacrifice?
5:33 Salary Sacrifice Workplace Pension Example
10:40 Pros
11:42 Cons

▶Financial Madness: Salary Sacrifice Excel Sheet:
https://docs.google.com/spreadsheets/d/1eKM4PDUqKzFoLBc9AIsy6XekkU_sJYLAy_KW4xGxLVw/edit?usp=sharing


DISCLAIMER - Any advice or (statements perceived to be advice) given in this video and any other videos on my channel are for information purposes only, and does not act as financial advice.  Your  are fully responsible for your financial decisions. If you are in need of Financial Advice, please seek out a professional advisor. If your are unsure on how to do this, feel free to reach out to me and I am more than happy to guide you.

#SalarySacrifice #WorkplacePension #SalaryBoost