Finance

Scheme costs & benefits

Details of pension scheme costs and benefits.

Scheme costs

Both the University and Members of the Staff Benefits Scheme (SBS) make contributions to the scheme.

The contributions are paid as follows:

Effective Date Employee Contribution Employer Contribution Total
01/08/2019 9.1% 19.8% + £1million pa  
01/01/2017 8.0% 16.2% + £1 million pa  
01/08/2009 7.50% 20.30% 27.80%
01/08/2008 7.00% 18.90% 25.90%
01/01/2008 6.50% 17.50% 24.00%
01/08/2007 6.00% 18.00% 24.00%

Tax relief on pensions contributions

Contributions are deducted from your gross monthly salary. You receive tax relief on the contributions that you make.

In addition, the University has entered into a Salary Sacrifice arrangement called Pensions plus. The result of this is that both the employee and the employer pay lower National Insurance contributions. More information is available on Pensions plus.

Pensions plus

Scheme benefits

For details of the scheme benefits please contact the Pensions Office.