Pensions +

Pensions + is not another pension scheme – it’s simply a more effective way of paying into your existing pension scheme.

By agreeing to reduce your gross contractual salary by the value of your pension contributions, the amount both you and the University pay in National Insurance contributions reduces. As your NI contributions decrease, your take-home pay increases.

How it works

- You do not pay your normal pension contributions directly.
- Your gross contractual salary will be reduced by 6.35% (USS) of pensionable salary or 6.25% (PAS).
- In return, the University will increase its contributions by an equivalent amount, which will be paid into the pension fund.
- As your salary will be lower, you will pay lower NI.
- Currently, Additional Voluntary Contributions are not included in Pensions+.

Your basic state pension will not be affected. On retirement your PAS and USS pension benefits will still be based on the full level of your salary .

If you are unsure about whether or not you should participate in Pensions +, you should seek your own financial advice. Details of an independent financial adviser (IFA) near you can be found by calling IFA Promotion Ltd on 0800 085 3250 or at: www.unbiased.co.uk. Remember, however, that Pensions + is designed so that most members will benefit from taking part.

The Pensions + booklet is a comprehensive guide and covers most of your FAQ's, if you would like to download a copy of the booklet please click here . Staff will be sent a copy of the booklet

If you can’t find the information you’re looking for here please call the Pensions + helpline on extn. 38823 for more information. We’ll be happy to answer your questions.