You are now able to make a quarterly pensions election for all overtime earnings to be transferred straight into your FuturePlanner pension account. This option will be effective from 1 October 2024 onwards.
Overtime Pension Sacrifice is an Additional Voluntary Contribution (AVC), and there are no 'Match Plus' Company contributions provided on this amount.
Your election would be effective for three months, and all overtime payments you would have been due to receive as paid amounts alongside your salary would be paid instead into FuturePlanner. At the end of the three month period, if you wish to continue putting your overtime into FuturePlanner for the next three months you would need to make another election.
Additional pension contributions are tax efficient and give your pension savings a boost. These amounts would not be accessible until you come to draw your pension, and you would need to be comfortable to sacrifice all your overtime payments over the quarter into your pension.
You can find the Overtime Pension Sacrifice form by clicking here. Forms needs to be returned before the 5th of the first month of the quarter to ensure your request is processed. For example before 5 October, 5 January, 5 April or 5 July.