Contact us


+44 208 642 3899



Office hours

Office hours 9 am to 5.30 pm

Monday to Friday

Our address

Formula Ltd/Clairville York Ltd

22-34 High Street





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Formula Ltd is registered in England and Wales No. 5294357. Formula Ltd and Clairville York are authorised and regulated by the Financial Conduct Authority.

The Wonders of Salary Exchange

Formula Ltd are experts in Salary Exchange (aka Salary Sacrifice or Smart pensions) and we strongly recommend that every business and employee should consider the benefits it gives their pension planning.  It enables firms to provide employees with a valuable benefit that can cost their company nothing, but can give a substantial boost to pension values.

In its simplest form, Salary Exchange can be used to allow high rate taxpayers to obtain high rate pension tax relief at source, rather than having to claim it from HMRC (often some months after payments were made).

Increasingly, Salary Exchange is being used to recoup some of the substantial NIC payments that firms and their employees pay to the government.  Some employers retain the NIC savings, but many invest them into their employees’ pensions.

Bearing in mind that levels of National Insurance Contributions are currently up to 12% (employee) and 13.8% (employer) then you can imagine the uplift this can give to employees’ pensions.  Also, if presented correctly, Salary Exchange is an important and cost effective staff retention tool.  Major employers like Virgin and BT offer it, so why can’t you?

[Salary Exchange has some negative aspects – especially for very low earners - that should be considered before implementation.  It is not available to individuals who are not employed. We advise on these aspects, and have a comprehensive factsheet available on request.]

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