The University is introducing PensionsPlus to help offset the cost of saving for your retirement.
PensionsPlus is a new way to make contributions to your pension scheme, which reduces your National Insurance deductions and means you take home more pay than you would outside of PensionsPlus.
The salary exchange scheme will cover two of the University pension schemes – SAUL and USS – and takes effect from February 2020.
How PensionsPlus works:
-You agree to exchange a portion of your salary equivalent to your member pension contribution, thereby reducing your gross basic salary
-The University pays the same amount on your behalf to the pension scheme
-Both you and the University pay less National Insurance on the reduced salary
-The amount going into your pension is the same, but your take-home pay is greater than it would be outside of PensionsPlus
-Tax relief on your pension contributions remains unchanged.
All eligible staff will be opted into PensionsPlus from 1 February 2020 unless they choose to opt out. Staff who may request a refund of pension contributions within the first two years of pension membership should note that PensionsPlus places a restriction on refunds.
Further information on the way PensionsPlus works, as well as details of briefings and drop-in sessions for staff during December and January, are available on the PensionsPlus webpages.