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What is SMART?

Making SMART Contributions is a way of paying into the Scheme which allows you to pay lower National Insurance contributions.

Under SMART Contributions the company will pay pension contributions to the Scheme on your behalf and you agree to your salary being reduced by an equal amount. This is known as “salary sacrifice” and shows on your payslip as a ‘SMART Adjustment’.

The reduction to your Base Salary is only for your basic pension contribution. The Company will use your Base Salary, to calculate pay rises, other benefits and death-in-service payments. Your Base Salary will also be provided for any mortgage references.

Things to know:

- You pay less National Insurance contributions

- It increases your take home pay

- This is the default option when you join unless you complete a SMART Contributions Opting Out Form

- Once a member of SMART contributions, you will only be able to opt-out if you have a ‘lifestyle change’, such as marriage, divorce or death of a spouse, partner or child 

Your employer also saves National Insurance through this option and shares part of this with you.