Introduced in July 2008, Pensions+ is the name of the salary sacrifice arrangement offered to University staff who are members of either the Retirement Benefits Plan or Universities Superannuation Scheme. This arrangement provides savings in National Insurance contributions to most members, and is therefore the basis on which most new members of staff will join these pension schemes, unless they choose to opt out. Since the launch of the scheme, approximately 90% of scheme members have joined with an average saving per member of around £115 pa.
Further information on Pensions+, together with examples of potential savings, is available in 'Introducing Pensions+ (June 2013)' (PDF, 140KB)
Members of staff who wish to Opt-in or Opt-out are required to complete the appropriate form which is available by contacting Payroll and Pensions, Fourth Floor, King's Gate on extension 6496 or emails Pensions
With effect from 1 July 2013 members may Opt-out of Pensions+ at any time during the year by requesting a change to their Terms and Conditions of Employment.
Additional Voluntary Contributions (AVCs)
AVCs are a tax efficient and flexible way of enhancing the retirement benefits provided by membership of the USS or RBP pension schemes. Further information is available in your pension scheme documentation.
See also