Your Pension - Your Future 

*This blog is intended for Zurich employees.  Your employer may communicate with you separately if you are impacted by the Budget changes mentioned below*

On 26 November, Chancellor Rachel Reeves delivered the UK government’s annual budget, setting out plans for tax and public spending for the next financial year. These plans include details of National Insurance changes to employee pension contributions via a salary sacrifice scheme, such as contributions into ZCashBuilder.

Here’s what you need to know right now:

• No immediate impact: The National Insurance changes to salary sacrifice pension contributions are not due to take effect until April 2029.

Here is a summary of what was announced for pension contributions via salary sacrifice:

• Starting in April 2029, the first £2,000 per year of pension contributions via salary sacrifice will not be subject to National Insurance.
• Any additional salary sacrifice contributions over £2,000 will be subject to both employee and employer National Insurance.
• You will still be eligible for tax relief on these contributions.

Zurich are reviewing the announcements to understand how they will affect our employee benefits overall. We’ll keep you updated as more details become available.