By default you will be on the standard RAS defined contribution scheme, the salary sacrifice scheme will save you national insurance and mean you do not need to manually reclaim tax on pension payments as it is taken before taxation. The only drawback is that your salary will technically be reduced (as the contributions are deducted from your gross salary) and this could potentially affect your borrowing potential (e.g. mortgages, finance etc.) .
To transition from RAS to salary sacrifice you can use the form
Alternatively you can contact the Penfold team here: workplacesupport@getpenfold.com
From 1st July 2022 we will be transitioning from contributions on Qualifying Earnings to Total Earnings. This will mean both you and Quantico will pay more into your pension pot each month, we think pensions are key for the future and therefore something we should invest more in!
From 1st August 2023 we will now share Employer savings with employees within the scheme.
Salary Sacrifice Background from Penfold;
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Pensions
