
Penfold urges workers to check pension setup to improve take-home pay
Chris Eastwood, CEO at Penfold, said: “No budgeting hack will ever come close to the long-term impact of making sure your pension is properly set up."

Chris Eastwood, CEO at Penfold, said: “No budgeting hack will ever come close to the long-term impact of making sure your pension is properly set up."

Chris Eastwood said: “Anyone contributing more than £2,000 a year through salary sacrifice will lose NI savings on the excess, and employers will see their NI costs rise accordingly."

53% of employees said they would increase their pension contributions if their employer matched the amount.

57% of workers rated a pension as ‘very important’ when choosing a new job – higher than any other benefit.

Chris Eastwood, CEO at Penfold, said: “If you don’t claim the extra relief you’re entitled to, you simply pay more tax than you need to.”

Chris Eastwood, CEO of Penfold, said recent policy decisions have brought short-term stability but signalled longer-term change.

Penfold warned that bonuses are taxed in the same way as salary, meaning a significant portion can be lost before it reaches employees’ bank accounts.

The company said rising demand for simpler, more engaging pension services has fuelled its rapid growth.

Elements of pension tax relief, salary sacrifice schemes and the long-standing 25% tax-free lump sum could be reviewed as part of an effort to close a £22bn funding gap.

The firm also now supports pensions for over 4,000 businesses – from startups to large firms.
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