Norwich City Football Club (NCFC) has been a valued client of Alan Boswell Group since 2009, working closely with our Employee Benefits team since 2013. In 2022, our Senior Employee Benefits Consultant, Dee Myhill, initiated discussions with NCFC about the potential advantages of transitioning their existing relief-at-source pension scheme to a salary exchange scheme. The goal was to explore how this change could benefit both the club and its employees by maximising National Insurance (NI) savings and increasing retirement contributions.
Due to already having a comprehensive understanding of how NCFC’s existing pension scheme worked, we began with an in-depth assessment of how a salary exchange scheme could align with their business objectives. Our employee benefits team evaluated the potential financial impact on the club, including NI savings. Additionally, we conducted a review of how the changes could affect employees, considering the potential advantages and disadvantages.
In 2023, we commenced the process of moving NCFC’s pension scheme to salary exchange. This involved working with their pension provider to ensure a smooth transition and integration with their payroll system. A key concern was to ensure employees understood the benefits of the new arrangement, so our communications strategy involved presentation and materials tailored to NCFC staff, Q&A sessions, and individual consultations.
Following the successful implementation of the salary exchange scheme, we provide ongoing support, conduct yearly reviews to optimise the scheme’s performance, and ensure compliance with regulatory changes.
