For many employees, a performance bonus can feel underwhelming once 42% or 47% Income Tax and National Insurance (NI) are deducted. For employers, bonuses are also one of the most heavily taxed forms of reward – increasing both payroll costs and Employer NI liability. So, is there a smarter middle ground that benefits both the […]
After weeks of speculation, the UK’s November 2025 Budget has introduced proposed changes to pension salary sacrifice schemes – also referred to as pension salary exchange – which allow employees to exchange part of their salary for increased pension contributions. In this article, we’ll summarise what’s been announced, what it could mean for employees and […]
Opting out of a pension can seem like a logical choice when immediate financial pressures take priority. We see it happen often: it’s sometimes hard to prioritise your retirement fund when you need the funds today. Many people make this decision because they’re struggling to cover everyday expenses, find pensions too complex or inaccessible, or […]
Pension contribution methods can be confusing, and the way tax relief is applied varies depending on the method your employer uses. In fact, recent research shows that over 40% of UK employees don’t fully understand how their pension contributions affect their take-home pay, making it harder to plan for the future. Tax relief is a […]
When you think about a company benefits scheme, what comes to mind? It might be health insurance, shopping discounts or an Employee Assistance Programme (EAP). But have you considered your workplace pension as part of your benefits package? Although you’re obliged to offer a workplace pension, it’s important not to let it languish. As we’ll […]
As a caring leader of a small company, you may be wondering how to set up benefits for your employees without smashing the budget. Employee benefits can help you recruit and retain talented employees, as well as support their wellbeing and increase productivity. But, when every penny counts, it can feel difficult to spend on […]
You might have heard of salary sacrifice (or its less unsettling name, salary exchange) before; you might even have been lucky enough to have this arrangement for your workplace pension, electric vehicle or a cycle to work scheme in a previous job. When it comes to making contributions to your employees’ pensions, it’s the most […]
Pensions can be a paradox: super important for our futures, but something a lot of us just don’t want to think about. After all, saving for the distant days when we’re old and grey can feel, well, boring – and difficult, if we have lots of competing needs demanding our money right now. But, as […]
Switching to a salary sacrifice pension arrangement for your employees makes a lot of sense. After all, both your company and your employee can save money with this scheme through reduced NI payments. But, to maximise your employer savings and make sure employees are getting the most out of it, you’ll want to make sure […]
Time strapped? Key takeaways from the blog: From April 2025, employer NI contributions rise to 15% (from 13.8%) with a new £5,000 threshold The average business faces increased costs of around £900 per employee annually Implementing salary sacrifice through Maji can reduce these increased NI costs by 30-60% Quick implementation means you can start saving […]
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Maji is the trading style of Maji Financial Wellbeing Ltd, a company registered in England and Wales (Registration no. 11937232). Maji Financial Wellbeing Ltd is registered with the Financial Conduct Authority (Registration no 969225) as the PSD agent of Bud Financial Ltd (Registration no 793327).
