Please contact Royal London to advise them of the move to a salary sacrifice deduction as we are unable to action this for you.
It can take up to 6 weeks for this change to take place so if you have moved to a salary sacrifice deduction in the meantime, please ensure the contribution file uploaded to Royal London for those employees moving to the salary sacrifice deduction show as zero employee and the employer contribution reflects the total contribution. e.g. if employee contribution is £100, and employers is £80, enter £180 as the employer contribution.
Contact: csteam3@royallondon.com - Royal London requires the following information before they can set up a salary sacrifice scheme. Therefore, please send the following data to Royal London to enable them to set up the new scheme. I have completed the answers for you as per below but please check through to ensure you agree with the instructions:
Is there any Employer National Insurance Re-investment? If so please specify the percentage.
Is there any Employee National Insurance Re-investment?
We require confirmation if the Salary Exchange should be an ON or OFF Model? **
What should the scheme default contribution structure be set as (if different from the current structure)?
Please confirm if there are Qualifying Earnings to be applied?
Confirm which existing members should be changed to salary exchange?
If there is more than one category held under the scheme, are all categories to be updated to hold “Salary Exchange”? (Select “No” if any employees are enrolled but are not moving to the salary sacrifice deduction)
Please advise if you offering a salary exchange opt out consultation period with your workers, if so on what date will this expire?
**What is the “on/ off model”?
This is the term for the salary exchange default , if the majority of workers coming into the scheme will be salary exchange you want to use the ‘OFF’ model. If the majority will be Non Salary Exchange you want to use the ‘ON’ model.
i.e.If you set the salary exchange trigger to ‘ON’ this would mean that new workers would be automatically be set up as Non Salary Exchange and the Employer would need to turn the flag ’ON’ when adding the worker should they be Salary Exchange.
If you set the salary exchange trigger to ‘OFF’ this would mean the new workers would automatically be set up as Salary Exchange and the Employer would need to turn the flag ‘OFF’ when adding the worker if they should be Non Salary Exchange.
Please send all relevant information to csteam3@royallondon.com