Finance

Pensions plus

Pensions plus is a salary sacrifice scheme which allows both the University and its employees make savings in the amount of National Insurance contributions they pay.

The Pensions plus scheme was introduced from 1 January 2008. Prior to this employees paid pension contributions into their scheme directly.

Under Pensions plus employees agree to give up an amount of their contractual gross pay equal to their pensions contribution. In return, the University increase its contributions to cover both the employee and employer elements of the pension contributions.

As a result both the employee and the University pay lower National Insurance contributions.

New members of staff are entered into the Pensions plus scheme by default, but it is possible for any employee to opt out of Pensions plus if they wish.

More information on Pensions plus is available in the Pensions plus brochure.