Bonus sacrifice

The deadline to complete this form is Tuesday 14 April at 5pm. Please note any applications received after this date will not be processed.

I hereby irrevocably renounce my entitlement to the cash element of any award due to me under the terms of the bonus scheme in respect of financial year ending 31 December 2019, which will be payable April 2020 provided that my employing company agrees to grant me an additional contribution to my defined contribution pension account as follows:


%
?To calculate: Take the amount you wish to sacrifice into your pension, divide by your total bonus, and multiply by 100. Please round up or down to the nearest full % in order to submit your request.
?If you are an active member of the Railways Pension Scheme, please select yes, and in addition, you will need to complete an additional RPMI form/s. Once you have submitted your request, further information on this will be sent out in a confirmation email to you.
Please Note: The Annual Allowance (AA) for 2020/21 is set at £40,000. This is the amount of tax efficient pension saving you can make in any tax year. However, if you are a higher earner with a total income of £200,000 or more, the AA will taper down from £40,000 to £4,000 depending on your income. If you have flexibly accessed your pension benefits and continue to pay into a defined contribution (DC) pension scheme, your AA will reduce from £40,000 to £4,000.

For further information surrounding the Annual Allowance there are explanatory videos on Your Reward once you log in under the videos tile, Pensions. You may wish to also visit the HM Revenue & Customs website: www.gov.uk/tax-on-your-private-pension/overview or seek independent financial advice.

Any monies you choose to sacrifice will not show on your April payslip.


By submitting this form, I hereby agree to the terms and conditions of electing to sacrifice my bonus into my pension in April 2020. Upon submission you will receive an email confirmation of your request.

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