My company are starting a scheme where I reduce my gross salary by the amount I pay into our pensions. They increase their pension contribution by the same amount, saving us both National Insurance and resulting in a small increase to my net pay, as well as a further company contribution into my pension based on the NI savings they make.
I have a normal full time job, receive some child benefit and will soon want to start purchasing childcare vouchers. I think that Salary Sacrifice will reduce the level of tax I need to pay on child benefit as well.
What are the downsides or potential issues with these schemes?