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SAYE option scheme: postponed contributions

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HMRC has updated the specimen SAYE prospectus with effect from 1 September 2018 to confirm that employees can delay the payment of monthly contributions on a maximum of 12 occasions over the lifespan of the savings contract.

The government first announced its intention at Autumn Budget 2017 to extend the SAYE savings holiday from 6 to 12 months. Originally intended to come into effect from April 2018, the change was delayed until September to give providers and administrators more time to adapt their systems.

This replaces the previous update to the prospectus in December 2014. See