What is a “MAC SMART” Pension?
MAC has recently launched its new, innovative approach to pensions.
Through MAC’s ”MAC SMART” Pension offering, we can provide opportunities for both employers and employees to save National Insurance contributions thereby increasing employee’s take-home pay, whilst not affecting any other benefits and decreasing employers NI contributions.
Additionally, employers have the opportunity to share in the uplift afforded to their employees through NI savings.
HMRC in the UK recently published guidelines regarding the operation and principle of the SMART Pension scheme and MAC has confirmed with the DHSS and Assessor’s Office here that similar provisions can be adopted on the Island.
The “MAC SMART” pension offering is a form of Salary sacrifice and as a concept has been around for many years. However the different approach MAC’s SMART pension offering takes together with clarification from the appropriate authorities, means that many of the previous drawbacks of Salary Sacrifice arrangements have been overcome.
The important point is that “MAC SMART” will work with your existing pension scheme – It is just a different approach – The “MAC SMART” approach!