Salary sacrifice is a tax-efficient way to contribute to your workplace pension. It allows you to exchange part of your salary in return for pension contributions made by your employer. This reduces your taxable income, meaning you and your employer pay less in National Insurance.

However, it’s up to your employer whether they have enabled this option for their employees to opt in. If you're interested, it's best to check with your employer first to see if they provide this option.

If your employer does offer salary sacrifice, it can be a great way to boost your pension savings while saving on tax.

Need help opting into salary sacrifice through your Penfold account? Check out this article here or send us a message—and we will happily help you out!