With effect from 1 November 2009 the University introduced ParkingPlus as the
method by which employees pay for their monthly parking permits.
ParkingPlus is a salary exchange scheme which works in a similar way to various other University salary exchange schemes that are currently in operation, including PensionPlus, Care4 childcare vouchers and the cycle scheme.
What is a salary exchange scheme?
With a salary exchange scheme, an employee agrees to ‘give’ an amount of money to the University before tax and national insurance contributions are calculated and in exchange the University gives the employee a non-cash benefit, for example, a parking permit. As a result, the employee will receive less taxable pay, and therefore they will pay less tax and National Insurance. The University will also pay reduced National Insurance employer’s contributions.
With ParkingPlus, employees will receive more take home pay than if their parking permit charges were deducted as a voluntary deduction or if they choose to pay by cheque.
Will everyone benefit from ParkingPlus?
The University has put safeguards in place for a small number of employees who would not benefit from ParkingPlus, to ensure they were not disadvantaged in any way.
Will ParkingPlus affect my pension?
Your pension contributions will continue to be based on your normal salary before any adjustment for ParkingPlus. This is identified on your payslip as Basic Pay and it is this figure that is used to calculate salary-related payments/benefits such as salary increases, bonuses or overtime. It is also used for any official letters, for example mortgage letters, loan applications or job references.
Can I opt out of ParkingPlus?
You can opt out of the scheme in the following situations:
1) At the point you renew your annual permit by completing an opt-out form (hard copies are available from the Payroll Office);
2) At the start of each car park permit year by declining the offer of a parking permit;
3) If you leave the employment of the University, you will automatically leave ParkingPlus.
More questions and answers
A page of FAQs regarding the scheme is also available.
Employees with any concerns can contact the Finance Office on ext. 5037 or via email.